<SEC-DOCUMENT>0001104659-20-113097.txt : 20201007
<SEC-HEADER>0001104659-20-113097.hdr.sgml : 20201007
<ACCEPTANCE-DATETIME>20201007163455
ACCESSION NUMBER:		0001104659-20-113097
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20201007
DATE AS OF CHANGE:		20201007
EFFECTIVENESS DATE:		20201007

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DENISON MINES CORP.
		CENTRAL INDEX KEY:			0001063259
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-238108
		FILM NUMBER:		201229423

	BUSINESS ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1
		BUSINESS PHONE:		(416) 979-1991

	MAIL ADDRESS:	
		STREET 1:		40 UNIVERSITY AVE., SUITE 1100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 1T1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL URANIUM CORP
		DATE OF NAME CHANGE:	19980603
</SEC-HEADER>
<DOCUMENT>
<TYPE>SUPPL
<SEQUENCE>1
<FILENAME>tm2032653d1_suppl.htm
<DESCRIPTION>SUPPL
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to General Instruction
II.L. of Form&nbsp;F-10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File No.&nbsp;333-238108</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No securities regulatory authority
has expressed an opinion about these securities and it is an offence to claim otherwise.</I></B><I> This prospectus supplement,
together with the short form base shelf prospectus dated June&nbsp;2, 2020 to which it relates, as amended or supplemented, and
each document incorporated or deemed to be incorporated by reference herein or therein, constitutes a public offering of these
securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell
such securities. See &ldquo;Plan of Distribution&rdquo;.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information has been incorporated
by reference in this prospectus supplement, and in the accompanying short form base shelf prospectus dated June&nbsp;2, 2020 to
which it relates from documents filed with securities commissions or similar authorities in Canada and with the United States
Securities and Exchange Commission.</I></B><I> Copies of the documents incorporated herein by reference may be obtained on request
without charge from the Corporate Secretary of Denison Mines Corp. at 40 University Avenue, Suite&nbsp;1100, Toronto, Ontario
M5J 1T1, telephone: 416-979-1991 and are also available electronically at <U>www.sedar.com</U> and <U>www.sec.gov</U>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To a Short Form&nbsp;Base Shelf Prospectus
dated June&nbsp;2, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 10pt; font-size: 10pt; text-indent: -10pt"><B>NEW ISSUE</B></TD>
    <TD STYLE="width: 50%; padding-right: 0.05in; padding-left: 0.05in; font-size: 10pt; text-align: right"><B>October&nbsp;7, 2020</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DENISON MINES CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>US$[&#9679;]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[&#9679;] Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement (this &ldquo;<B>Prospectus
Supplement</B>&rdquo;) of Denison Mines Corp. (the&nbsp;&ldquo;<B>Company</B>&rdquo; or &ldquo;<B>Denison</B>&rdquo;), together
with the short form base shelf prospectus dated June&nbsp;2, 2020 (the&nbsp;&ldquo;<B>Prospectus</B>&rdquo;), qualifies the distribution
(the&nbsp;&ldquo;<B>Offering</B>&rdquo;) of [&#9679;] common shares of the Company (the&nbsp;&ldquo;<B>Offered Shares</B>&rdquo;)
at a price of US$[&#9679;] per Offered Share (the&nbsp;&ldquo;<B>Offering Price</B>&rdquo;) pursuant to an underwriting agreement
(the &ldquo;<B>Underwriting Agreement</B>&rdquo;) dated as of October&nbsp;[&#9679;], 2020, among the Company, Cantor Fitzgerald
Canada Corporation (the &ldquo;<B>Cantor</B>&rdquo;) and Haywood Securities Inc. (&ldquo;<B>Haywood</B>&rdquo; and together with
Cantor, the &ldquo;<B>Lead Underwriters</B>&rdquo;) together with [&#9679;] (collectively with the Lead Underwriters, the &ldquo;<B>Underwriters</B>&rdquo;).
See &ldquo;<I>Plan of Distribution</I>&rdquo;. The Offered Shares will be offered in the United States and Canada through the
Underwriters either directly or through their respective U.S. or Canadian broker-dealer affiliates or agents. The Offering is
being made concurrently in the United States under the terms of a registration statement on Form&nbsp;F-10 filed with the United
States Securities and Exchange Commission under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context otherwise requires,
references to &ldquo;<B>Offered Shares</B>&rdquo; include any Over-Allotment Shares (as&nbsp;defined herein) and references to
 &ldquo;<B>Common Shares</B>&rdquo; means all of the common shares of the Company. The Offering Price has been determined by arm&rsquo;s
length negotiations between the Company and the Lead Underwriters, on behalf of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outstanding Common Shares are listed
for trading on the Toronto Stock Exchange (the&nbsp;&ldquo;<B>TSX</B>&rdquo;) under the symbol &ldquo;DML&rdquo; and listed on
the NYSE American LLC (the &ldquo;<B>NYSE American</B>&rdquo;) under the symbol &ldquo;DNN&rdquo;. On October&nbsp;6, 2020, the
last trading day prior to the date of the public announcement of the Offering, the closing price of the Common Shares on the TSX
was C$0.55 and on the NYSE American was US$0.4222<B>.</B> Denison will apply to list the Offered Shares distributed hereunder on
the TSX and NYSE American. Listing will be subject to Denison fulfilling all listing requirements of the TSX and NYSE American.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 40%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><B>Price US$[&#9679;] per Offered Share</B></TD>
    <TD STYLE="width: 30%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center; padding-left: 0.05in">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 0.05in">Price to<BR> the Public</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold; padding-left: 0.05in"><B>Underwriting<BR> Commission<SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 0.05in"><B>Net Proceeds<BR> to the Company<SUP>(2)</SUP></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 53%; font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Per Offered Share</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 10pt; text-align: right; padding-left: 0.05in">US$[&#9679;]</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 10pt; text-align: right; padding-left: 0.05in">US$[&#9679;]</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 13%; font-size: 10pt; text-align: right; padding-left: 0.05in">US$[&#9679;]</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Total<SUP>(3)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0.05in">US$[&#9679;]</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0.05in">US$[&#9679;]</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right; padding-left: 0.05in">US$[&#9679;]</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Pursuant to the Underwriting Agreement,
                                         the Company has agreed to pay to the Underwriters a fee (the&nbsp;&ldquo;<B>Underwriting
                                         Commission</B>&rdquo;) representing 6.0% of the aggregate gross proceeds of the Offering,
                                         including proceeds realized from the sale of any additional Common Shares pursuant to
                                         the exercise of the Over-Allotment Option (as defined herein), provided the fee payable
                                         on subscriptions of Offered Shares (up to a maximum of US$500,000) by certain select persons on the president&rsquo;s
                                         list (the &ldquo;<B>President&rsquo;s List</B>&rdquo;), as agreed upon between the Company
                                         and the Lead Underwriters, shall be reduced to 3.0%. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">After deducting the Underwriting Commission, but before deducting expenses related to the Offering
estimated at US$[&#9679;], which will be paid from the proceeds of the&nbsp;Offering. See &ldquo;<I>Use of Proceeds</I>&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">The Company has granted to the Underwriters an option (the&nbsp;&ldquo;<B>Over-Allotment Option</B>&rdquo;),
exercisable in whole or in part in the sole discretion of the Underwriters at any time until the date which is 30&nbsp;days following
the Closing Date (as&nbsp;defined herein), to purchase up to an additional [&#9679;] Offered Shares (the&nbsp;&ldquo;<B>Over-Allotment
Shares</B>&rdquo;) at a price of US$[&#9679;] per Over-Allotment Share to cover over-allotments, if any, and for market stabilization
purposes. If the Over-Allotment Option is exercised in full, the total &ldquo;Price to the Public&rdquo;, the &ldquo;Underwriting
Commission&rdquo; and the &ldquo;Net Proceeds to the Company&rdquo; (before deducting expenses of the Offering) will be US$[&#9679;],
US$[&#9679;] and US$[&#9679;], respectively. This Prospectus Supplement and the Prospectus also qualify the grant of the Over-Allotment
Option and the distribution of the Over-Allotment Shares upon exercise of the Over-Allotment Option. Any purchaser who acquires
Over-Allotment Shares forming part of the over-allotment position of the Underwriters pursuant to the Over-Allotment Option acquires
such securities under this Prospectus Supplement and the Prospectus, regardless of whether the over-allocation position is ultimately
filled through the exercise of the Over-Allotment Option or secondary market purchases. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters, as principals, conditionally
offer the Offered Shares, subject to prior sale, if, as and when issued by the Company and accepted by the Underwriters in accordance
with the conditions contained in the Underwriting Agreement referred to under &ldquo;<I>Plan of Distribution</I>&rdquo; and subject
to approval of certain legal matters on behalf of the Company by Blake, Cassels&nbsp;&amp; Graydon LLP, certain United States (&ldquo;<B>U.S.</B>&rdquo;)
legal matters on behalf of the Company by Troutman Pepper Hamilton Sanders LLP and certain legal matters on behalf of the Underwriters
by McMillan LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscriptions for the Offered Shares will
be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at
any time without notice. <B>The Underwriters may decrease the price of which the Offered Shares are distributed from the Offering
Price. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Closing is expected to take place on or
about <FONT STYLE="font-size: 10pt">October&nbsp;14, 2020 </FONT>or such other date as may be agreed between the Company and the
Lead Underwriter, but in any event not later than 42 days following the date of this Prospectus Supplement (the&nbsp;&ldquo;<B>Closing
Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is expected that the Company will arrange
for the instant deposit of the Offered Shares distributed under this Prospectus Supplement and the Prospectus under the book-based
system of registration, to be registered to CDS Clearing and Depository Services&nbsp;Inc. (&ldquo;<B>CDS</B>&rdquo;) and deposited
with CDS on the Closing Date. No certificates evidencing the Offered Shares will be issued to purchasers of the Offered Shares,
except in limited circumstances. Purchasers of Offered Shares will receive only a customer confirmation from the Underwriters or
other registered dealer who is a CDS participant (a&nbsp;&ldquo;<B>CDS Participant</B>&rdquo;) and from or through whom a beneficial
interest in the Offered Shares is&nbsp;purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Offering and subject
to applicable laws, the Underwriters may over-allot or effect transactions that stabilize or maintain the market price of the Common
Shares in accordance with applicable market stabilization rules. Such transactions, if commenced, may be discontinued at any time.
The Offered Shares sold by the Underwriters to the public will initially be offered at the Offering Price. After the Underwriters
have made a reasonable effort to sell all of the Offered Shares at the Offering Price specified on the cover page, the Underwriters
may change the Offering Price and the other selling terms to an amount not greater than the Offering Price set forth on the cover
page, and the compensation realized by the Underwriters will be decreased by the amount that the aggregate price paid by the purchasers
for the Offered Shares is less than the gross proceeds paid by the Underwriters to the Company. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of Cantor Fitzgerald&nbsp;&amp;
Co. or Haywood Securities (USA) Inc. is registered as an investment dealer in any Canadian jurisdiction and, accordingly, it
will only sell the Offered Shares into the United States and will not, directly or indirectly, solicit offers to purchase or
sell the Offered Shares in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the number
of Over-Allotment Shares issuable under the Over-Allotment Option:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 0.05in">Underwriters&rsquo; Position</TD><TD STYLE="text-align: center; padding-bottom: 1pt; width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 24%; font-size: 10pt; font-weight: bold; text-align: center; padding-left: 0.05in">Maximum Number of<BR> Available Securities</TD><TD STYLE="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 24%; font-size: 10pt; font-weight: bold; padding-left: 0.05in">Exercise Period</TD><TD STYLE="text-align: center; padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 24%; font-size: 10pt; font-weight: bold; padding-left: 0.05in">Exercise Price</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left; padding-left: 0.05in">Over-Allotment Option </TD><TD STYLE="text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-left: 0.05in; vertical-align: top">[&#9679;] Over-Allotment Shares</TD><TD STYLE="text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left; padding-left: 0.05in">Up to 30 days from the Closing Date</TD><TD STYLE="text-align: left; font-size: 10pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt; padding-left: 0.05in; vertical-align: top">US$[&#9679;] per Over-Allotment Share</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Canadian chartered bank affiliate of
Scotia Capital Inc. is a lender to the Company under the credit facility with the Bank of Nova Scotia (the &ldquo;<B>Credit Facility</B>&rdquo;).
Consequently, the Company may be considered to be a connected issuer of Scotia Capital Inc. under applicable securities laws in
certain Canadian provinces and territories. See &ldquo;<I>Conflict of Interest</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>An investment in the Offered Shares
is highly speculative and involves significant risks that you should consider before purchasing such Offered Shares. You should
carefully review the &ldquo;Risk Factors&rdquo; section of this Prospectus Supplement, the Prospectus and the documents incorporated
by reference herein and therein as well as the information under the heading &ldquo;<I>Cautionary Note Regarding Forward-Looking
Information</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Denison is permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this Prospectus Supplement
and the accompanying Prospectus in accordance with the disclosure requirements of Canada. Prospective investors in the United States
should be aware that such requirements are different from those of the United States. Financial statements included or incorporated
by reference herein have been prepared in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued
by the International Accounting Standards Board (&ldquo;IASB&rdquo;) and are audited in accordance with the standards of the Public
Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;), however, are also subject to Canadian auditing and auditor
independence standards and thus may not be comparable to financial statements of United States companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Purchasers
of the Offered Shares should be aware that the acquisition of the Offered Shares may have tax consequences both in the United States
and in Canada. Such consequences for purchasers who are resident in, or citizens of, the United States or who are resident in Canada
may not be described fully herein. Prospective purchasers are advised to consult their own tax advisors regarding the application
of Canadian or United States federal income tax laws to their particular circumstances, as well as any other provincial, state,
foreign and other tax consequences of acquiring, holding or disposing of the Offered Shares and related securities. See &ldquo;<I>Certain
Canadian Federal Income Tax Considerations</I>&rdquo; and &ldquo;<I>Material United States Federal Income Tax Considerations for
U.S. Holders</I>&rdquo;.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Your ability to enforce civil liabilities
under the U.S. federal securities laws may be affected adversely because Denison is incorporated under the laws of Canada, some
of its officers and directors and some or all of the experts named in this Prospectus Supplement and the Prospectus are Canadian
residents, and its assets are located outside of the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE U.S. SECURITIES AND EXCHANGE
COMMISSION (THE &ldquo;SEC&rdquo;), NOR ANY STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE SECURITIES OFFERED HEREBY
OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jun Gon Kim, a director of the Company,
resides outside of Canada and has appointed Blakes Vancouver Services Inc., c/o Blake, Cassels&nbsp;&amp; Graydon LLP, 595 Burrard
Street, P.O.&nbsp;Box 49314, Suite&nbsp;2600, Three Bentall Centre, Vancouver, British Columbia, V7X 1L3, Canada as the agent for
service of process in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in
Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction
or resides outside of Canada, even if the party has appointed an agent for service of process. See &ldquo;<I>Agent for Service
of Process&rdquo;.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered office and head office of
Denison is located at 1100 &ndash; 40 University Avenue, Toronto, Ontario M5J 1T1, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All references in this Prospectus Supplement
to &ldquo;dollars&rdquo;, &ldquo;C$&rdquo; or &ldquo;$&rdquo; are to Canadian dollars, unless otherwise stated. References to &ldquo;US$&rdquo;
or &ldquo;U.S.$&rdquo; are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective investors should rely only
on the information contained in or incorporated by reference into this Prospectus Supplement and the Prospectus. Neither the Company
nor the Underwriters has authorized anyone to provide prospective investors with different or additional information. Information
contained on the Company&rsquo;s website shall not be deemed to be a part of this Prospectus Supplement or the Prospectus or incorporated
by reference herein and should not be relied upon by prospective investors for the purpose of determining whether to invest in
the Offered Shares. Neither the Company nor the Underwriters are making an offer of the Offered Shares in any jurisdiction where
such offer is not permitted. A prospective investor should assume that the information appearing in this Prospectus Supplement
or the Prospectus is accurate only as of the date on the front of those documents and that information contained in any document
incorporated by reference herein or therein is accurate only as of the date of that document unless specified otherwise. The Company&rsquo;s
business, financial condition, results of operations and prospects may have changed since the date of this Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; width: 90%"><A HREF="#s_001"><FONT STYLE="font-size: 10pt">IMPORTANT&nbsp;NOTICE&nbsp;ABOUT&nbsp;INFORMATION&nbsp;IN&nbsp;THIS&nbsp;PROSPECTUS&nbsp;SUPPLEMENT</FONT></A></TD>
    <TD STYLE="font-size: 10pt; width: 10%; text-align: right"><A HREF="#s_001"><FONT STYLE="font-size: 10pt">S-3</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_002"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_002"><FONT STYLE="font-size: 10pt">S-3</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_003"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE
    REQUIREMENT AND ESTIMATES OF MEASURED,&nbsp;INDICATED AND INFERRED MINERAL RESOURCES</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right"><A HREF="#s_003"><FONT STYLE="font-size: 10pt">S-6</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_004"><FONT STYLE="font-size: 10pt">CURRENCY AND EXCHANGE RATE INFORMATION</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_004"><FONT STYLE="font-size: 10pt">S-7</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_005"><FONT STYLE="font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_005"><FONT STYLE="font-size: 10pt">S-7</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_006"><FONT STYLE="font-size: 10pt">DOCUMENTS FILED AS PART&nbsp;OF THE U.S. REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_006"><FONT STYLE="font-size: 10pt">S-9</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_007"><FONT STYLE="font-size: 10pt">THE COMPANY</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_007"><FONT STYLE="font-size: 10pt">S-9</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_008"><FONT STYLE="font-size: 10pt">RECENT DEVELOPMENTS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_008"><FONT STYLE="font-size: 10pt">S-10</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_009"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_009"><FONT STYLE="font-size: 10pt">S-10</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_010"><FONT STYLE="font-size: 10pt">CONSOLIDATED CAPITALIZATION</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_010"><FONT STYLE="font-size: 10pt">S-12</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_011"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_011"><FONT STYLE="font-size: 10pt">S-12</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_012"><FONT STYLE="font-size: 10pt">PRIOR SALES</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_012"><FONT STYLE="font-size: 10pt">S-14</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_013"><FONT STYLE="font-size: 10pt">PRICE RANGE AND TRADING VOLUME</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_013"><FONT STYLE="font-size: 10pt">S-15</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_014"><FONT STYLE="font-size: 10pt">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_014"><FONT STYLE="font-size: 10pt">S-15</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_024">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS</A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_024">S-18</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_015"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_015"><FONT STYLE="font-size: 10pt">S-24</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_016"><FONT STYLE="font-size: 10pt">AGENT FOR SERVICE OF PROCESS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_016"><FONT STYLE="font-size: 10pt">S-28</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_017"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_017"><FONT STYLE="font-size: 10pt">S-28</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_018"><FONT STYLE="font-size: 10pt">INTEREST OF EXPERTS</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_018"><FONT STYLE="font-size: 10pt">S-28</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_019"><FONT STYLE="font-size: 10pt">INDEPENDENT AUDITOR</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_019"><FONT STYLE="font-size: 10pt">S-29</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#s_020"><FONT STYLE="font-size: 10pt">TRANSFER AGENT AND REGISTRAR</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_020"><FONT STYLE="font-size: 10pt">S-29</FONT></A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><A HREF="#s_023"><FONT STYLE="font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><A HREF="#s_023"><FONT STYLE="font-size: 10pt">S-29</FONT></A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS OF THE SHORT FORM&nbsp;BASE
SHELF PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#about">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#about">1</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#cautionarynoteotus">CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENTS AND ESTIMATES OF MEASURED, INDICATED AND INFERRED
MINERAL RESOURCES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#cautionarynoteotus">1</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#cautionary">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#cautionary">2</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#documents">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#documents">5</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#documentsfiledaspart">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD>
    <TD STYLE="text-align: right"><A HREF="#documentsfiledaspart">6</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#financial">FINANCIAL AND EXCHANGE RATE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#financial">6</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#thecompany">THE COMPANY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#thecompany">7</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#riskfactors">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#riskfactors">11</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#useofproceeds">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#useofproceeds">24</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#consolidatedcapitalization">CONSOLIDATED CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#consolidatedcapitalization">24</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#priorsales">PRIOR SALES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#priorsales">24</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#tradingprice">TRADING PRICE AND VOLUME</A></TD>
    <TD STYLE="text-align: right"><A HREF="#tradingprice">25</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofsharecapital">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofsharecapital">25</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#descriptionofsubscriptionreceipts">DESCRIPTION OF SUBSCRIPTION RECEIPTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofsubscriptionreceipts">25</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofunits">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofunits">27</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#descriptionofdebtsecurities">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofdebtsecurities">27</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofsharepurchase">DESCRIPTION OF SHARE PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofsharepurchase">35</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#descriptionofwarrants">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofwarrants">36</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#certainincometaxconsiderations">CERTAIN INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#certainincometaxconsiderations">37</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#materialunitedstatesfederalincome">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
    FOR U.S. HOLDERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#materialunitedstatesfederalincome">38</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#planofdistribution">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#planofdistribution">42</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#agentforserviceofprocess">AGENT FOR SERVICE OF PROCESS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#agentforserviceofprocess">43</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#legalmatters">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#legalmatters">43</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#auditortransferagent">AUDITOR, TRANSFER AGENT AND REGISTRAR</A></TD>
    <TD STYLE="text-align: right"><A HREF="#auditortransferagent">44</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#interestofexperts">INTEREST OF EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#interestofexperts">44</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#whereyoucanfindmoreinfo">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#whereyoucanfindmoreinfo">44</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#enforoce">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#enforoce">45</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#statutory">STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#statutory">45</A></TD></TR>

</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_001"></A><FONT STYLE="text-transform: uppercase"><B>IMPORTANT
NOTICE ABOUT INFORMATION IN THIS PROSPECTUS SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This document is in two parts. The first
part is this Prospectus Supplement, which describes the terms of the Offered Shares being offered and also adds to and updates
information contained in the Prospectus and the documents incorporated by reference therein. The second part, the Prospectus, gives
more general information, some of which may not apply to the Offered Shares being offered under this Prospectus Supplement. This
Prospectus Supplement is deemed to be incorporated by reference into the Prospectus solely for the purpose of the Offering constituted
by this Prospectus Supplement. Other documents are also incorporated, or are deemed to be incorporated by reference, into the Prospectus
and reference should be made to the Prospectus for full particulars thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should rely only on the information
contained in or incorporated by reference in this Prospectus Supplement and the Prospectus. The Company has not authorized anyone
to provide investors with different or additional information. Neither the Company nor the Underwriters are making an offer of
the Offered Shares in any jurisdiction where such offer is not permitted. An investor should assume that the information appearing
in this Prospectus Supplement or the Prospectus is accurate only as of the date on the front of those documents and that information
contained in any document incorporated by reference herein or therein is accurate only as of the date of that document unless specified
otherwise. The Company&rsquo;s business, financial condition, results of operations and prospects may have changed since those&nbsp;dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market data and certain industry forecasts
used in this Prospectus Supplement and the Prospectus and the documents incorporated by reference herein and therein were obtained
from market research, publicly available information and industry publications. The Company believes that these sources are generally
reliable, but the accuracy and completeness of this information is not guaranteed. The Company has not independently verified such
information, and it does not make any representation as to the accuracy of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s annual consolidated
financial statements that are incorporated by reference into this Prospectus Supplement and the Prospectus have been prepared in
accordance with IFRS, as issued by the IASB and are audited in accordance with the standards of the PCAOB. This Prospectus Supplement
and the Prospectus are part of the Company&rsquo;s registration statement on Form&nbsp;F-10 (File No.&nbsp;333-238108) filed with
and declared effective by the SEC under the United States Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;)
on June&nbsp;3, 2020 (as amended, the&nbsp;&ldquo;<B>U.S. Registration Statement</B>&rdquo;). <B>This Prospectus Supplement and
the Prospectus do not contain all of the information set forth in the U.S. Registration Statement, certain parts of which are omitted
in accordance with the rules&nbsp;and regulations of the SEC, or the schedules or exhibits that are part of the U.S. Registration
Statement. Investors in the United States should refer to the U.S. Registration Statement and the exhibits thereto for further
information with respect to the Company and the Offered Shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all information
in this Prospectus Supplement assumes no exercise of the Over-Allotment Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Prospectus Supplement, unless the
context otherwise requires, references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; or similar terms, as well as references
to &ldquo;Denison&rdquo; or the &ldquo;Company&rdquo;, refer to Denison Mines Corp. together with its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_002"></A><FONT STYLE="text-transform: uppercase"><B>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain information contained in this Prospectus
Supplement, the Prospectus and the documents incorporated by reference herein and therein concerning the business, operations and
financial performance and condition of Denison constitutes forward-looking information within the meaning of the United States
<I>Private Securities Litigation Reform Act of 1995</I> and similar Canadian legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, the use of words and phrases
like &ldquo;plans&rdquo;, &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;, &ldquo;budget&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;,
 &ldquo;forecasts&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;, or &ldquo;believes&rdquo;, or the negatives and/or variations
of such words and phrases, or statements that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;,
 &ldquo;might&rdquo; or &ldquo;will&rdquo; &ldquo;be taken&rdquo;, &ldquo;occur&rdquo;, &ldquo;be achieved&rdquo; or &ldquo;has
the potential to&rdquo; and similar expressions are intended to identify forward-looking information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Examples of Forward-Looking Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement, the Prospectus
and the documents incorporated by reference herein and therein contain forward-looking information in several places, including
statements pertaining to Denison&rsquo;s:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding the ability to raise capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">operational and business outlook, including exploration, evaluation and development plans and objectives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">plans for capital expenditure programs, exploration and development expenditures and reclamation
costs and timing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">results of its Wheeler River pre-feasibility study, including expected capital and operating costs,
and plans with respect to the environmental assessment and feasibility study process;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">plans and expectations regarding the process for and receipt of regulatory approvals, permits and
licenses under governmental and other applicable regulatory regimes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates of its mineral reserves and mineral resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the realization of mineral reserve and mineral resource estimates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations about the rest of 2020 and future uranium market prices, production costs and global
uranium supply and demand;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding ongoing joint arrangements and Denison&rsquo; share of the same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding additions to its mineral reserves and resources through acquisitions and
exploration;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding the toll milling of Cigar Lake ores, and the relationships with its contractual
partners with respect thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">future royalty and tax payments and rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding possible impacts of litigation and regulatory actions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the timing and closing of the Offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the satisfaction of the conditions to closing of the Offering, including the receipt, in a timely
manner, of regulatory and other required approvals; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the proposed use of proceeds of the Offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements relating to &ldquo;mineral resources&rdquo;
are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions
that the mineral resources described can be profitably produced in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Material Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's actual results could differ materially
from those anticipated. Management has identified the following risk factors which could have a material impact on the Company
or the trading price of its Common Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the capital intensive nature of mining industry and the uncertainty of funding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">global financial conditions, including market reaction to the novel coronavirus (&ldquo;<B>COVID-19</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the COVID-19 pandemic;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the speculative nature of exploration and development projects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the imprecision of mineral reserve and mineral resource estimates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risks of, and market impacts on, developing mineral properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with the selection of novel mining methods, including the Company&rsquo;s proposed
use of the in-situ recovery (&ldquo;ISR&rdquo;) uranium mining method;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Denison has a history of negative operating cash flow, which may continue into the future;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on obtaining licenses, and other regulatory and policy risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding engagement with Canada&rsquo;s First Nations and M&eacute;tis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">environment, health and safety risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">global demand and international trade restrictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact of uranium price volatility on the valuation of Denison&rsquo;s mineral reserves and
mineral resources and the market price of its Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding public acceptance of nuclear energy and competition from other energy sources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility in the market price of the Company&rsquo;s Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of dilution from future equity or debt financings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on other operators of the Company&rsquo;s projects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">reliance on contractors, experts, auditors and other third parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of failure to realize benefits from transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of Denison&rsquo;s inability to exploit, expand and replace its mineral reserves and mineral
resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">competition for properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risk of challenges to property title and/or contractual interests in Denison&rsquo;s properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of failure by Denison to meet its obligations to its creditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">change of control restrictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty as to reclamation and decommissioning liabilities and timing, including the potential
for additional funding required as a result of third party estimates and/or changes in applicable regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">potential for technical innovation rendering Denison&rsquo;s products and services obsolete;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">liabilities inherent in mining operations and the adequacy of insurance coverage;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability of Denison to ensure compliance with anti-bribery and anti-corruption laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the uncertainty regarding risks posed by climate change;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the reliance of the Company on its information systems and the risk of cyberattacks on those systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on key personnel, including the ability to keep essential operational staff in place
as a result of COVID-19;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">potential conflicts of interest for the Company&rsquo;s directors who are engaged in similar businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations of disclosure and internal controls;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential influence of Denison&rsquo;s largest Shareholder, Korea Electric Power Corporation
and its subsidiary, Korea Hydro&nbsp;&amp; Nuclear Power;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility in the market price of the Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with future sales of Common Shares by existing shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with the Company&rsquo;s use of proceeds from the sale of its securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the history of the Company with respect to not paying dividends and anticipation of not paying
dividends in the foreseeable future;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">absence of a market through which the Company&rsquo;s securities, other than Common Shares, may
be sold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to dilution to existing shareholders if stock options or share purchase warrants
are exercised;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the liquidity of the Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the future trading price of the Common Shares on the TSX and NYSE American; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the exercise of the Over-Allotment Option,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">as well as those factors referred to in
the &ldquo;<I>Risk Factors</I>&rdquo; section of the Prospectus and this Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Material assumptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward looking statements in this
Prospectus Supplement are based on material assumptions, including the following, which may prove to be incorrect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our budget, including expected levels of exploration, evaluation and operations activities and
costs, as well as assumptions regarding market conditions and other factors upon which the Company has based its income and expenditure
expectations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to execute our business plans for 2020 in accordance with our previously disclosed
outlook for 2020;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">assumptions regarding the timing and use of our cash resources;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to, and the means by which we can, raise additional capital to advance other exploration
and development objectives;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">assumptions that the Company will continue to operate on a going concern basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">financial markets will not in the long term be adversely impacted by the COVID-19 pandemic;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our operations and key suppliers are essential services, and our employees, contractors and subcontractors
will be available to continue operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain all necessary regulatory approvals, permits and licenses for our planned
activities under governmental and other applicable regulatory regimes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding the demand for, and supply of, uranium, the outlook for long-term contracting,
changes in regulations, public perception of nuclear power, and the construction of new and ongoing operation of existing nuclear
power plants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding spot prices and realized prices for uranium;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding tax rates, currency exchange rates, and interest rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our decommissioning and reclamation obligations and the status and ongoing maintenance of agreements
with third parties with respect thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our mineral reserve and resource estimates, and the assumptions upon which they are based;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our, and our contractors&rsquo;, ability to comply with current and future environmental, safety
and other regulatory requirements and to obtain and maintain required regulatory approvals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">our operations are not significantly disrupted by political instability, nationalization, terrorism,
sabotage, pandemics, social or political activism, breakdown, natural disasters, governmental or political actions, litigation
or arbitration proceedings, equipment or infrastructure failure, labour shortages, transportation disruptions or accidents, or
other development or exploration risks; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability of the Company to fulfil the requirements of the TSX and the NYSE American in connection
with the listing of the Offered Shares on the respective stock exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This list is not exhaustive of the factors
that may affect any of our forward-looking statements. Forward-looking statements are statements about the future and are inherently
uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking
statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this
Prospectus Supplement and the Prospectus under the heading &ldquo;<I>Risk Factors</I>&rdquo; and in the Company&rsquo;s AIF (as
defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The
forward-looking statements contained in this Prospectus Supplement, the Prospectus and the documents incorporated by reference
herein and therein are based on the beliefs, expectations and opinions of management as of the date hereof. There can be no assurance
that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers and investors should not place undue reliance on forward-looking statements.
Denison does not intend to update forward-looking statements, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_003"></A><FONT STYLE="text-transform: uppercase"><B>CAUTIONARY
NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENT AND ESTIMATES OF MEASURED,&nbsp;INDICATED AND INFERRED MINERAL
RESOURCES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this Prospectus Supplement
in accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such
requirements are different from those of the United States. Financial statements included or incorporated by reference herein have
been prepared in accordance with IFRS as issued by the IASB and are audited in accordance with the standards of PCAOB, however,
are also subject to Canadian auditing and auditor independence standards and thus may not be comparable to financial statements
of United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to the reporting
requirements of the applicable Canadian securities laws, and as a result reports the mineral reserves and mineral resources of
the projects it has an interest in, according to Canadian standards. Technical disclosure regarding our properties included herein
and in the documents incorporated herein by reference has not been prepared in accordance with the requirements of U.S. securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms &ldquo;mineral reserve&rdquo;,
 &ldquo;proven mineral reserve&rdquo; and &ldquo;probable mineral reserve&rdquo; are Canadian mining terms as defined in accordance
with National Instrument 43-101 &ndash; Standards of Disclosure for Mineral Projects (&ldquo;<B>NI 43-101</B>&rdquo;), which references
the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the &ldquo;<B>CIM</B>&rdquo;) &ndash; CIM
Definition Standards on Mineral Resources and Mineral Reserves (&ldquo;<B>CIM Standards</B>&rdquo;), adopted by the CIM Council,
as amended. These definitions differ from the definitions in Industry Guide 7 (&ldquo;<B>Industry Guide 7</B>&rdquo;) under the
Securities Act. Under Industry Guide 7, mineralization may not be classified as a &ldquo;reserve&rdquo; unless the determination
has been made that the mineralization could be economically and legally produced or extracted at the time of the reserve determination.
Under Industry Guide 7 standards, a &ldquo;final&rdquo; or &ldquo;bankable&rdquo; feasibility study is required to report reserves,
the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental authority. Denison has not prepared a feasibility study for
the purposes of NI 43-101 or the requirements of the SEC in connection with its probable mineral reserves disclosure, and therefore
such mineral reserve disclosure is not comparable to information from U.S. companies subject to the reporting and disclosure requirements
of the SEC. Further, until recently, the SEC has not recognized the reporting of mineral deposits which do not meet the Industry
Guide 7 definition of &ldquo;reserve&rdquo;. In addition, the terms &ldquo;mineral resource&rdquo;, &ldquo;measured mineral resource&rdquo;,
 &ldquo;indicated mineral resource&rdquo; and &ldquo;inferred mineral resource&rdquo; are defined in and required to be disclosed
by NI 43-101; however, these terms are not defined terms under Industry Guide 7 and, until recently, have not been permitted to
be used in reports and registration statements filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC adopted amendments to its disclosure
rules&nbsp;to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under
the United States Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;). These amendments became
effective February&nbsp;25, 2019 (the &ldquo;<B>SEC Modernization Rules</B>&rdquo;) with compliance required for the first fiscal
year beginning on or after January&nbsp;1, 2021. The SEC Modernization Rules&nbsp;replace the historical disclosure requirements
for mining registrants that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance
date of the SEC Modernization Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates
of &ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo;.
In addition, the SEC has amended its definitions of &ldquo;proven mineral reserves&rdquo; and &ldquo;probable mineral reserves&rdquo;
to be &ldquo;substantially similar&rdquo; to the corresponding definitions under the CIM Standards, as required under NI 43-101.
Accordingly, during the period leading up to the compliance date of the SEC Modernization Rules, information regarding mineral
resources or mineral reserves contained or referenced in the financial statements included or incorporated by reference herein
may not be comparable to similar information made public by United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States investors are cautioned that
there are differences in the definitions under the SEC Modernization Rules&nbsp;and the CIM Standards. Accordingly, there is no
assurance any mineral reserves or mineral resources that the Company may report as &ldquo;proven mineral reserves&rdquo;, &ldquo;probable
mineral reserves&rdquo;, &ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred
mineral resources&rdquo; under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the
standards adopted under the SEC Modernization Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States investors are also cautioned
that while the SEC now recognizes &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo;, investors
should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category
of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as
to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, prospective investors
are cautioned not to assume that any &ldquo;indicated mineral resources&rdquo; or &ldquo;inferred mineral resources&rdquo; that
the Company reports are or will be economically or legally mineable. Further, &ldquo;inferred mineral resources&rdquo; have a greater
amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States
investors are also cautioned not to assume that all or any part of the &ldquo;inferred mineral resources&rdquo; exist. In accordance
with Canadian securities laws, estimates of &ldquo;inferred mineral resources&rdquo; cannot form the basis of feasibility or other
economic studies, except in limited circumstances where permitted under NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, information included or incorporated
by reference herein containing descriptions of the Company&rsquo;s mineral deposits may not be comparable to similar information
made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws
and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_004"></A><FONT STYLE="text-transform: uppercase"><B>CURRENCY
AND EXCHANGE RATE INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual consolidated financial statements
of the Company incorporated by reference in this Prospectus Supplement have been prepared in accordance with IFRS as issued by
the IASB and are reported in Canadian dollars. They may not be comparable to financial statements of United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all references
to &ldquo;$&rdquo;, &ldquo;C$&rdquo; or &ldquo;dollars&rdquo; in this Prospectus Supplement refer to Canadian dollars. References
to &ldquo;US$&rdquo; in this Prospectus Supplement refer to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth (i)&nbsp;the
rate of exchange for the U.S. dollar, expressed in Canadian dollars, in effect at the end of the periods indicated; (ii)&nbsp;the
average exchange rates for the U.S. dollar, expressed in Canadian dollars, during such periods; and (iii)&nbsp;the high and low
exchange rates for the U.S. dollar, expressed in Canadian dollars, during such periods, each based on the daily rate of exchange
as reported by the Bank of Canada for the conversion of one U.S. dollar into Canadian dollars:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">US$ to C$<BR>
 Fiscal Year Ended December&nbsp;31</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">US$ to C$<BR>
 6 Months Ended June&nbsp;30</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2018</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Rate at the end of period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.2988</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.3642</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.3628</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.3087</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Average rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3269</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2957</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3651</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3336</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Highest rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3642</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.4496</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Lowest rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2988</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2288</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2970</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3087</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The daily average exchange rate on October&nbsp;6,
2020 as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was US$1.00 equals C$<FONT STYLE="font-size: 10pt">1.3272</FONT>
(C$1.00 = US$<FONT STYLE="font-size: 10pt">0.7535</FONT>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_005"></A><FONT STYLE="text-transform: uppercase"><B>DOCUMENTS
INCORPORATED BY REFERENCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement is deemed to
be incorporated by reference in the Prospectus solely for the purpose of the Offering. Other documents are also incorporated or
deemed to be incorporated by reference in the Prospectus and reference should be made to the Prospectus for full particulars thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the documents incorporated by
reference in this Prospectus Supplement and the Prospectus and not delivered with this Prospectus Supplement may be obtained on
request without charge from the Corporate Secretary of Corporate Secretary of Denison at 40 University Avenue, Suite&nbsp;1100,
Toronto, Ontario, M5J 1T1, Canada, telephone: 416-979-1991 or by accessing the disclosure documents through the Internet on the
Canadian System for Electronic Document Analysis and Retrieval (&ldquo;<B>SEDAR</B>&rdquo;), at www.sedar.com. Documents filed
with, or furnished to, the SEC are available through the SEC&rsquo;s Electronic Data Gathering and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;),
at www.sec.gov. Our filings through SEDAR and EDGAR are not incorporated by reference in this Prospectus Supplement and the Prospectus
except as specifically set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents, filed with the
securities commissions or similar regulatory authorities in certain provinces and territories of Canada, except Qu&eacute;bec,
are specifically incorporated by reference into, and form an integral part of, this Prospectus Supplement and the&nbsp;Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the annual information form for the fiscal year ended December&nbsp;31, 2019, dated as of March&nbsp;13,
2020 (the &ldquo;<B>AIF</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the audited annual consolidated financial statements of the Company as at and for the years ended
December&nbsp;31, 2019 and 2018, together with the notes thereto, management&rsquo;s report on internal control over financial
reporting, and the report of Independent Registered Public Accounting Firm thereon (the &ldquo;<B>Annual Financial Statements</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">management&rsquo;s discussion and analysis of financial condition and results of operations of
the Company for the year ended December&nbsp;31, 2019, dated March&nbsp;5, 2020 (the &ldquo;<B>Annual MD&amp;A</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the unaudited interim condensed consolidated financial statements of the Company as at June&nbsp;30,
2020 and for the three and six months ended June&nbsp;30, 2020 and 2019, together with the notes thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">management&rsquo;s discussion and analysis of financial condition and results of operations of
the Company as at June&nbsp;30, 2020 and for the three and six months ended June&nbsp;30, 2020 and 2019, dated August&nbsp;6, 2020
(the &ldquo;<B>Interim MD&amp;A</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the management information circular of the Company dated May&nbsp;12, 2020 regarding the annual
general meeting of shareholders of the Company held on June&nbsp;25, 2020;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">material change report dated March&nbsp;23, 2020 regarding the Company&rsquo;s announcement of
a temporary suspension of activities related to the environmental assessment for the Wheeler River project and other discretionary
activities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">material change report dated March&nbsp;31, 2020 regarding the Company&rsquo;s announcement of
an overnight marketed public offering of Common Shares for minimum gross proceeds of US$4.0 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any document of the type referred to in
the preceding paragraphs (excluding press releases and confidential material change reports) or of any other type required to be
incorporated by reference into a short form prospectus pursuant to National Instrument&nbsp;44-101&nbsp;&mdash; <I>Short Form&nbsp;Prospectus
Distributions</I> that is filed by the Company with a securities commission after the date of this Prospectus Supplement and prior
to the termination of the distribution shall be deemed to be incorporated by reference in this Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent that any document
or information incorporated by reference into this Prospectus Supplement is included in any report on Form&nbsp;6-K, Form&nbsp;40-F
or Form&nbsp;20-F (or any respective successor form) that is filed with or furnished to the SEC after the date of this Prospectus
Supplement, such document or information shall be deemed to be incorporated by reference as an exhibit to the U.S. Registration
Statement of which this Prospectus Supplement forms a part. In addition, the Company may incorporate by reference into this Prospectus
Supplement, or the U.S. Registration Statement of which it forms a part, other information from documents that the Company will
file with or furnish to the SEC pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the U.S. Exchange Act, if and to the extent
expressly provided therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this Prospectus
Supplement, the Prospectus or a document incorporated or deemed to be incorporated by reference herein or therein shall be deemed
to be modified or superseded for the purposes of this Prospectus Supplement to the extent that a statement contained herein or
in the Prospectus or in any subsequently filed document which also is or is deemed to be incorporated by reference herein or in
the Prospectus modifies or supersedes that prior statement. The modifying or superseding statement need not state that it has modified
or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The
making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded
statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material
fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which
it was made. Any statement so modified or superseded shall not be considered in its unmodified or superseded form to constitute
a part of this Prospectus Supplement, except as so modified or superseded. Without limiting the foregoing, each document incorporated
by reference into the Prospectus prior to the date hereof shall be deemed to have been superseded in its entirety unless such document
is also listed above as being incorporated by reference into this Prospectus Supplement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information contained on the Company&rsquo;s
website <U>www.densionmines.com</U>, is not part of this Prospectus Supplement, is not incorporated herein by reference and may
not be relied upon by investors in connection with an investment in the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_006"></A><FONT STYLE="text-transform: uppercase"><B>DOCUMENTS
FILED AS PART&nbsp;OF THE U.S. REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents have been or will
be filed with the SEC as part of the U.S. Registration Statement of which this Prospectus Supplement forms a part: (i)&nbsp;the
documents listed under the heading &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;; (ii)&nbsp;powers of attorney from
our directors and officers (included on the signature page&nbsp;to the U.S. Registration Statement); (iii)&nbsp;the Underwriting
Agreement; (iv)&nbsp;the consent of PricewaterhouseCoopers LLP, the consent of McMillan LLP and the consent of Blake, Cassels&nbsp;&amp;
Graydon LLP; and (v)&nbsp;the consents of the &quot;qualified persons&quot; referred to in this Prospectus Supplement under &quot;<I>Interest
of Experts</I>&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_007"></A><FONT STYLE="text-transform: uppercase"><B>THE
COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following description of the Company
is, in some instances, derived from selected information about us contained in the documents incorporated by reference into this
Prospectus Supplement. This description does not contain all of the information about us and our properties and business that you
should consider before investing in any securities. You should carefully read the Prospectus Supplement and the Prospectus, including
the sections titled &ldquo;Risk Factors&rdquo;, as well as the documents incorporated by reference into this Prospectus Supplement
and the Prospectus, before making an investment decision.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Name, Address and Incorporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison was formed by articles of amalgamation
as International Uranium Corporation (&ldquo;<B>IUC</B>&rdquo;) effective May&nbsp;9, 1997 pursuant to the <I>Business Corporations
Ac</I>t (Ontario) (the &ldquo;<B>OBCA</B>&rdquo;). On December&nbsp;1, 2006,&nbsp;IUC combined its business and operations with
Denison Mines Inc. (&ldquo;<B>DMI</B>&rdquo;), by plan of arrangement under the OBCA (the &ldquo;<B>IUC Arrangement</B>&rdquo;).
Pursuant to the IUC Arrangement, all of the issued and outstanding shares of DMI were acquired in exchange for IUC&rsquo;s shares.
Effective December&nbsp;1, 2006,&nbsp;IUC&rsquo;s articles were amended to change its name to &ldquo;Denison Mines Corp.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through its 2013 acquisitions of JNR Resources
Inc. (&ldquo;<B>JNR</B>&rdquo;) and Fission Energy Corp. (&ldquo;<B>Fission</B>&rdquo;) and its 2014 acquisition of International
Enexco Limited, Denison increased its project portfolio in Canada, primarily in the Athabasca Basin region in northern Saskatchewan.
The Company also diversified its interests in Africa, in anticipation of a future divesture of a portfolio of African uranium interests,
with the acquisition of Rockgate Capital Corp. in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2015 and 2016, Denison completed transactions
to further its objective of focusing its business on the Company&rsquo;s core assets in the Athabasca Basin region, completing
the sale of its interest in the Gurvan Saihan Joint Venture (&ldquo;<B>GSJV</B>&rdquo;) in Mongolia to Uranium Industry a.s. (&ldquo;<B>UI</B>&rdquo;)
in 2015 (the &ldquo;<B>Mongolia Transaction</B>&rdquo;) and completing a transaction with GoviEx Uranium Inc. (&ldquo;<B>GoviEx</B>&rdquo;)
in 2016 to combine their respective African uranium mineral interests, with GoviEx acquiring Denison&rsquo;s uranium mineral interests
in Zambia, Mali and Namibia (the &ldquo;<B>Africa Transaction</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered and head office of Denison
is located at 1100 &ndash; 40 University Avenue, Toronto, Ontario, M5J 1T1, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a reporting issuer in all
of the provinces and territories of Canada. The Company&rsquo;s Common Shares are listed on the TSX under the symbol &ldquo;DML&rdquo;
and the NYSE American under the symbol &ldquo;DNN&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has five active subsidiaries:
(i)&nbsp;Denison Mines Inc., which was incorporated under the laws of Ontario; (ii)&nbsp;Denison AB Holdings Corp., which was incorporated
under the laws of British Columbia; (iii)&nbsp;Denison Waterbury Corp., which was incorporated under the laws of Ontario, through
which the Company holds its interests in Waterbury Lake Uranium Corp. and Waterbury Lake Uranium LP, which were acquired by Denison
as part of the Fission acquisition in April&nbsp;2013; (iv)&nbsp;9373721 Canada Inc., which was incorporated under the laws of
Canada; and (v)&nbsp;Denison Mines (Bermuda) I Ltd., which was incorporated under the laws of Bermuda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inter-Corporate Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below illustrates the Company&rsquo;s
inter-corporate relationships of its active subsidiaries as at the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2032653d1_supplimg001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_008"></A><FONT STYLE="text-transform: uppercase"><B>RECENT
DEVELOPMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outbreak of COVID-19 has disrupted
and is expected to continue to disrupt the Company&rsquo;s previously disclosed business and operational plans for fiscal 2020
and beyond. The length or severity of these disruptions are unknown at this point in time. For example, on March&nbsp;20, 2020,
the Company announced a decision to temporarily suspend the Environmental Assessment (&ldquo;<B>EA</B>&rdquo;) process for the
Wheeler River project and other discretionary activities due to the significant social and economic disruption that has emerged
as a result of the COVID-19 pandemic and the Company's commitment to ensure employee safety, support public health efforts to limit.
The Company identified the EA process as a key element of the Wheeler River project's critical path. Accordingly, the decision
to temporarily suspend the EA process is expected to impact the project development schedule outlined in the Pre-Feasibility Study
(&ldquo;<B>PFS</B>&rdquo;) completed for the project earlier in 2018. See &ldquo;Use of Proceeds &ndash; Business Objectives and
Milestones&rdquo; for further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Company&rsquo;s field operations
have been resumed (such as the resumption of ISR field testing activities focused on Phoenix at Wheeler River announced in July&nbsp;2020),
and in order to ensure the Company&rsquo;s operations comply with all applicable health and safety guidelines associated with the
COVID-19 pandemic, all operating procedures have been reviewed and adapted to incorporate physical distancing and enhanced hygiene
protocols, as well as special travel protocols designed by Denison for northern Saskatchewan. Denison will continue to monitor
the course of, health and safety guidelines with respect to, the pandemic and may further alter or suspend operations as appropriate
or necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_009"></A><FONT STYLE="text-transform: uppercase"><B>RISK
FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our securities is speculative
and involves a high degree of risk due to the nature of our business and the present stage of its development. The following risk
factors, as well as risks currently unknown to us, could materially adversely affect our future business, operations and financial
condition and could cause them to differ materially from the estimates described in forward-looking statements relating to the
Company, or its business, property or financial results, each of which could cause purchasers of our securities to lose part or
all of their investment. The risks set out below are not the only risks we face; risks and uncertainties not currently known to
us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results
of operations and prospects. In addition to the other information contained in this Prospectus Supplement, the Prospectus and the
documents incorporated by reference herein and therein, you should carefully consider the risks described below, as well as the
risks described under the &ldquo;Risk Factors&rdquo; section of the Prospectus and the AIF before purchasing the Offered Shares.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While information regarding the use of
proceeds from the sale of the Offered Shares is described under the heading &ldquo;<I>Use of Proceeds</I>&rdquo;, we retain broad
discretion over the use of the net proceeds from the Offering. The Company has identified certain forward-looking plans and objectives
for the proceeds, but the Company&rsquo;s ability to achieve such plans and objectives could change as a result of a number of
internal and external factors, such as continued or new impacts of COVID-19 on society and the Company&rsquo;s operations, the
results of continued exploration and evaluation activities on the Company&rsquo;s access to sufficient capital and resources, and
the impact that any such event could have on anticipated costs and timelines. Because of the number and variability of factors
that will determine our use of such proceeds, the Company&rsquo;s ultimate use might vary substantially from its planned use. You
may not agree with how the Company allocates or spends the proceeds from the Offering. We may pursue acquisitions, collaborations
or other opportunities that do not result in an increase in the market value of our securities, including the market value of our
Common Shares, and that may increase our losses.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Future sales or issuances of debt
or equity securities could decrease the value of any existing Common Shares, dilute investors&rsquo; voting power and reduce our
earnings per share.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell additional equity securities
(including through the sale of securities convertible into Common Shares) and may issue additional debt or equity securities to
finance our operations, exploration, development, acquisitions or other projects. We are authorized to issue an unlimited number
of Common Shares. We cannot predict the size of future sales and issuances of debt or equity securities or the effect, if any,
that future sales and issuances of debt or equity securities will have on the market price of the Common Shares. Sales or issuances
of a substantial number of equity securities, or the perception that such sales could occur, may adversely affect prevailing market
prices for the Common Shares. With any additional sale or issuance of equity securities, investors will suffer dilution of their
voting power and may experience dilution in our earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Common Shares are subject to
various factors that have historically made share prices volatile.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our Common Shares may
be subject to large fluctuations, which may result in losses to investors. The market price of the Common Shares may increase or
decrease in response to a number of events and factors, including: our operating performance and the performance of competitors
and other similar companies; volatility in metal prices; the arrival or departure of key personnel; the number of Common Shares
to be publicly traded after an offering pursuant to any prospectus supplement; the public&rsquo;s reaction to our press releases,
material change reports, other public announcements and our filings with the various securities regulatory authorities; changes
in earnings estimates or recommendations by research analysts who track the Common Shares or the shares of other companies in the
resource sector; changes in general economic and/or political conditions; acquisitions, strategic alliances or joint ventures involving
us or our competitors; and the factors listed under the heading &ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of the Common Shares may
be affected by many other variables which are not directly related to our success and are, therefore, not within our control, including
other developments that affect the market for all resource sector securities, the breadth of the public market for the Common Shares
and the attractiveness of alternative investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The market price of the Common Shares
could decline as a result of future issuances or sales of the Company&rsquo;s securities, which could result in insufficient liquidity.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of the Common Shares could
decline as a result of issuances of securities by the Company or sales by its existing shareholders of Common Shares in the market,
or the perception that these sales could occur. The issuance of Common Shares upon the exercise of the Company&rsquo;s outstanding
stock options or the vesting of the Company&rsquo;s outstanding share units may also reduce the market price of the Common Shares.
Additional Common Shares, stock options and share units may be issued in the future. A decrease in the market price of the Common
Shares could adversely affect the liquidity of the Common Shares on the TSX and NYSE American. The Company&rsquo;s shareholders
may be unable, as a result, to sell significant quantities of the Common Shares into the public trading markets. The Company may
not, as a result, have sufficient liquidity to meet the continued listing requirements of the TSX and the NYSE American. Sales
of the Common Shares by shareholders might also make it more difficult for the Company to sell equity or debt securities at a time
and price that it deems appropriate, which may have a material adverse effect on the Company&rsquo;s business, financial conditions
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>U.S. investors may find it difficult
to enforce U.S. judgments against the Company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is incorporated under the laws
of Ontario, Canada and the majority of the Company&rsquo;s directors and officers are not residents of the United States. Because
all or a substantial portion of the Company&rsquo;s assets and the assets of these persons are located outside of the United States,
it may be difficult for U.S. investors to effect service of process within the United States upon the Company or upon such persons
who are not residents of the United States, or to realize in the United States upon judgments of U.S. courts predicated upon civil
liabilities under U.S. securities laws. A judgment of a U.S. court predicated solely upon such civil liabilities may be enforceable
in Canada by a Canadian court if the U.S. court in which the judgment was obtained had jurisdiction, as determined by the Canadian
court, in the matter. There is substantial doubt whether an original action could be brought successfully in Canada against any
of such persons or the Company predicated solely upon such civil liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the Company is characterized as
a passive foreign investment company, U.S. holders may be subject to adverse U.S. federal income tax consequences</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. investors should be aware that they
could be subject to certain adverse U.S. federal income tax consequences in the event that the Company is classified as a &ldquo;passive
foreign investment company&rdquo; (&ldquo;<B>PFIC</B>&rdquo;) for U.S. federal income tax purposes. The determination of whether
the Company is a PFIC for a taxable year depends, in part, on the application of complex U.S. federal income tax rules, which are
subject to differing interpretations, and the determination will depend on the composition of the Company&rsquo;s income, expenses
and assets from time to time and the nature of the activities performed by the Company&rsquo;s officers and employees. The Company
may be a PFIC in one or more prior tax years, in the current tax year and in subsequent tax years. Prospective investors should
carefully read the discussion below under the heading &ldquo;<I>Material United States Federal Income Tax Considerations for U.S.
Holders</I>&rdquo; for more information and consult their own tax advisors regarding the likelihood and consequences of the Company
being treated as a PFIC for U.S. federal income tax purposes, including the advisability of making certain elections that may mitigate
certain possible adverse U.S. federal income tax consequences that may result in an inclusion in gross income without receipt of
such income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company has never paid, and does
not currently anticipate paying, dividends.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has paid no dividends on the
Common Shares since incorporation and does not anticipate paying dividends in the immediate future. The payment of future dividends,
if any, will be reviewed periodically by the Board and will depend upon, among other things, conditions then existing including
earnings, financial conditions, cash on hand, financial requirements to fund its commercial activities, development and growth,
and other factors that the Board may consider appropriate in the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_010"></A><FONT STYLE="text-transform: uppercase"><B>CONSOLIDATED
CAPITALIZATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no material changes in
our consolidated share or debt capital since June&nbsp;30, 2020, the date of our financial statements for the most recently completed
financial period<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_011"></A><FONT STYLE="text-transform: uppercase"><B>USE
OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated net proceeds received by
the Company from the Offering (assuming no exercise of the Over-Allotment Option) will be US$<FONT STYLE="font-size: 10pt">[&#9679;]
</FONT>(determined after deducting the Underwriting Commission of US$<FONT STYLE="font-size: 10pt">[&#9679;] </FONT>and estimated
expenses of the Offering of US$[&#9679;]). If the Over-Allotment Option is exercised in full, the estimated net proceeds received
by the Company from the Offering will be US$[&#9679;] (determined after deducting the Underwriting Commission of US$[&#9679;] and
estimated expenses of the Offering of US$[&#9679;]).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Taking into account the Company&rsquo;s
current estimates of available funds and, if required, financial resources including portfolio investments, the net proceeds are
expected to be largely used to fund the resumption of the EA for the Wheeler River project, and certain associated evaluation programs
expected to be required to support the EA and the completion of a future feasibility study for Phoenix as an ISR uranium mining
operation. Denison currently intends, subject to its sole discretion to change such allocation after the date of this Prospectus
Supplement, to use the net proceeds as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 96%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; font-size: 10pt; font-weight: bold; text-align: left">Activity or Nature of Expenditure</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; font-size: 10pt; font-weight: bold; text-align: center">Approximate Use of Net Proceeds</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Wheeler River Evaluation and EA Activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">US$[&#9679;]</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">General, Corporate and Administrative Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">US$1,000,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">US$[&#9679;]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company intends to use the
net proceeds from the Offering as set forth above, the actual allocation of the net proceeds may vary from those allocations set
out above, depending on future developments in relation to the [advancement of Wheeler River] or unforeseen events, including those
listed under &ldquo;<I>Risk Factors</I>&rdquo; of the Prospectus and the AIF. Potential investors are cautioned that notwithstanding
the Company&rsquo;s current intentions regarding the use of the net proceeds of the Offering, there may be circumstances where
a reallocation of the net proceeds may be advisable for reasons that management believes, in its discretion, are in the Company&rsquo;s
best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the Over-Allotment Option
is exercised, the additional net proceeds of the Over-Allotment Option are expected to provide additional funding for both Wheeler
River evaluation and EA efforts as well as general, corporate and administrative activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates no operating revenue
from exploration or evaluation activities on its property interests and has negative cash flow from operating activities. The Company
anticipates that it will continue to have negative cash flow until such time that commercial production is achieved at a particular
project. To the extent that the Company has negative operating cash flows in future periods in excess of amounts disclosed above
in the use of proceeds table, it may need to deploy a portion of its existing working capital to fund such negative cash flow.
See &ldquo;<I>Risk Factors</I>&rdquo; in the Prospectus and the AIF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Business Objectives and Milestones</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December&nbsp;2018, the Company's Board
of Directors and the Wheeler River Joint Venture approved the advancement of the Wheeler River project, following a detailed assessment
of the strong economic results produced by the Wheeler River PFS. With this decision, Denison&rsquo;s strategic focus turned to
the initiation of the Environmental Assessment (&ldquo;<B>EA</B>&rdquo;) process and the technical de-risking of the application
of the ISR mining method at Phoenix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The EA was formally initiated during the
second quarter of 2019, when the Canadian Nuclear Safety Commission (&ldquo;<B>CNSC</B>&rdquo;) and the Saskatchewan Ministry of
Environment (&ldquo;<B>SK MOE</B>&rdquo;) accepted the Provincial Technical Proposal and Federal Project Description (the &ldquo;<B>Project
Description</B>&rdquo;) submitted by Denison for the ISR uranium mine and processing plant proposed for Wheeler River. The EA process
was temporarily suspended in March&nbsp;2020. The proceeds from the offering are expected to allow for the resumption of the EA
process &ndash; including required community consultation activities and environmental assessments necessary to support the future
submission of a draft Environmental Impact Statement (&ldquo;<B>EIS</B>&rdquo;) to the CNSC and SK MOE. Plans regarding the scope
and timing of a resumption of the EA process, and the completion of a draft EIS, are being developed, with consideration being
given to advancing an EA amidst COVID-19, and may differ from the plans originally disclosed for fiscal 2020 prior to suspension.
The Company is developing its plans with a current target of submitting a draft EIS in early 2022. Additional EA activities will
be required after the submission of the draft EIS before a final EIS is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following completion of the Wheeler River
PFS, plans were devised to technically de-risk the use of the ISR mining method at Phoenix by systematically addressing the most
significant technical risks identified in the PFS on a priority basis &ndash; including assessing the impact of the varied permeability
of the orebody, the leachability of the uranium from the ore, and the technical ability to install a freeze dome over the deposit.
In 2019, technical de-risking efforts focused on field work, involving the development several ISR test wells at Phoenix and the
completion of extensive hydrogeological test work, which supported the demonstration of &ldquo;proof of concept&rdquo; for the
application of ISR mining at Phoenix. The Company also completed a series of successful core leach tests. Further de-risking efforts
are required, and plans are under development as part of an integrated effort to advance the EA and prepare for the future completion
of a Feasibility Study (&ldquo;<B>FS</B>&rdquo;). The proceeds from the Offering are expected to facilitate the continuation of
various technical studies (including additional field studies and/or demonstrations) that are expected to be required to support
a future Feasibility Study. Plans regarding the scope and timing of future technical studies are being developed presently, with
activities in 2021 expected to include those required to support the draft EIS and to facilitate the completion of potential additional
technical studies in future years. Future technical studies are expected to be required to support the completion of a future
FS, which is targeted for completion coincident with the Company&rsquo;s expected timeline for an approved EA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The extent of environmental and technical
programs necessary to advance the EA and a future FS will be determined based on the results from initial programs and the associated
technical assessments. Accordingly, additional environmental and evaluation programs, that are currently not contemplated, may
be required. Additional funding for both the currently planned and potential future programs, will be required to advance the project
through the EA and to a completed FS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;David Bronkhorst, Vice-President
Operations of the Company, is the qualified person, within the meaning of NI 43-101, who has reviewed and confirmed the above-noted
use of net proceeds allocations are reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_012"></A><FONT STYLE="text-transform: uppercase"><B>PRIOR
SALES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the issuances
by Denison of Common Shares within the 12 months prior to the date of this Prospectus Supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Date</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Type of Security</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Price per Security</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Number of Securities</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; font-size: 10pt"><FONT STYLE="font-size: 10pt">November&nbsp;28, 2019<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%; font-size: 10pt; text-align: center">C$0.58</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%; font-size: 10pt; text-align: center">32,262</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">December&nbsp;6, 2019<SUP>(3)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C$0.68</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6,934,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">March&nbsp;31, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">37,664</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">April&nbsp;2, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">17,665</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">April&nbsp;9, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">US$0.20</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">28,750,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">May&nbsp;4, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">10,666</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">May&nbsp;15, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">22,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">May&nbsp;19, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">11,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">May&nbsp;25, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">5,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">May&nbsp;29, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">11,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">August&nbsp;13, 2020<SUP>(5)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C$0.55</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">20,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">August&nbsp;14, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">119,621</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">August&nbsp;27, 2020<SUP>(5)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C$0.55</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">100,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">August&nbsp;31, 2020<SUP>(1)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4,333</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">September&nbsp;2, 2020<SUP>(5)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Common Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">C$0.55</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">20,000</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Issued pursuant to the settlement of vested share units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Issued as partial consideration pursuant to an agreement with Eros Resources Corp (&ldquo;<B>Eros</B>&rdquo;)
whereby Denison acquired Eros&rsquo; 17.42% minority interest in the Murphy Lake project.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Issued pursuant to a &ldquo;bought deal&rdquo; private placement of flow-through Common Shares,
for gross proceeds of approximately C$4.7 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Issued pursuant to a &ldquo;bought deal&rdquo; public offering of Common Shares, for gross proceeds
of US$5,750,000.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Issued pursuant to the exercise of vested stock options.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the grants
made by Denison of stock options of Denison, within the 12 months prior to the date of this Prospectus Supplement<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Date</TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Security</TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold"><B>Price per<BR>
 Security<SUP>(2)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; text-align: left; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Number of Securities</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; font-size: 10pt">November&nbsp;11, 2019</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: left">Stock options</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%; font-size: 10pt">C$0.61</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%; font-size: 10pt; text-align: left">287,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">March&nbsp;9, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Stock options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">C$0.455</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">3,523,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">August&nbsp;10, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Stock options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">C$0.66</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">46,000</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">As of the date of this Prospectus Supplement, there were 15,589,743 stock options outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The &ldquo;price per security&rdquo; in the table above is the exercise price of the stock options
granted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the grants
made by Denison of share units of Denison, within the 12 months prior to the date of this Prospectus Supplement<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Date</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Security</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold"><B>Price per<BR>
 Security<SUP>(2)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Number of Securities</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 24%; font-size: 10pt">March&nbsp;16, 2020</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24%; font-size: 10pt">Restricted Share Units</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%; font-size: 10pt">C$0.32</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%; font-size: 10pt; text-align: left">2,745,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">April&nbsp;2, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Performance Share Units</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">C$0.38</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">180,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">May&nbsp;27, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Restricted Share Units</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">C$0.57</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">539,750</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">August&nbsp;10, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Restricted Share Units</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">C$0.66</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">20,000</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">As of the date of this Prospectus Supplement, there were 7,790,899 share units outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The &ldquo;price per security&rdquo; in the above table is the closing price on the date prior
to issuance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_013"></A><FONT STYLE="text-transform: uppercase"><B>PRICE
RANGE AND TRADING VOLUME</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are listed for trading
on the TSX under the symbol &ldquo;DML&rdquo;. The following table sets forth information relating to the trading of the Common
Shares on the TSX for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Month</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">High<BR> &nbsp;(C$)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Low<BR> &nbsp;(C$)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Volume</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; font-size: 10pt">October&nbsp;1 &ndash; 6, 2020</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">0.57</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">0.52</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">964,217</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">September&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.75</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.51</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">10,716,271</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">August&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.70</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.60</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6,556,308</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">July&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.66</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.47</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8,945,713</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">June&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.58</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.44</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8,171,167</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">May&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.66</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.54</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">8,758,187</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">April&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.68</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.335</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">19,516,703</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">March&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.49</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.235</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">12,181,889</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">February&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.51</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.415</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6,655,698</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">January&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.54</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.43</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">10,849,179</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">December&nbsp;2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.57</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.505</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">7,333,202</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">November&nbsp;2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.64</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.55</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3,821,352</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October&nbsp;2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.65</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.59</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3,737,299</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Source: Bloomberg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Shares are listed for trading
on the NYSE American under the symbol &ldquo;DNN&rdquo;. The following table sets forth information relating to the trading of
the Common Shares on the NYSE American for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Month</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">High<BR> &nbsp;(US$)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Low<BR> &nbsp;(US$)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Volume</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; font-size: 10pt">October&nbsp;1 &ndash; 6, 2020</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">0.4294</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">0.3915</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">228,206</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">September&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.575</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.3824</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2,342,393</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">August&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.54</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.4601</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">1,931,490</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">July&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.496</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.345</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2,611,123</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">June&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.43</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.3212</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2,150,352</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">May&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.48</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.382</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">1,721,855</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">April&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.4888</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.23</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">4,645,948</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">March&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.38</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.19</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">3,817,250</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">February&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.39</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.31</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2,153,148</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">January&nbsp;2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.4165</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.321</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">1,922,055</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">December&nbsp;2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.4314</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.385</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">1,883,836</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">November&nbsp;2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.48</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.42</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">774,258</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October&nbsp;2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.49</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">0.45</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">744,051</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Source: Bloomberg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_014"></A><FONT STYLE="text-transform: uppercase"><B>CERTAIN
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is, as of the date hereof,
a general summary of the principal Canadian federal income tax considerations under the <I>Income Tax Act</I> (Canada) (the &ldquo;<B>Tax&nbsp;Act</B>&rdquo;)
and the regulations thereunder (the &ldquo;<B>Regulations</B>&rdquo;) generally applicable to a holder who acquires Offered Shares
as beneficial owner pursuant to this Prospectus Supplement and who, at all relevant times, for the purposes of the Tax&nbsp;Act,
deals at arm&rsquo;s length with the Company and the Underwriters, is not affiliated with the Company or the Underwriters, and
will acquire and hold such Offered Shares as capital property (each, a &ldquo;<B>Holder</B>&rdquo;), all within the meaning of
the Tax&nbsp;Act. Offered Shares will generally be considered to be capital property to a Holder unless the Holder holds or uses
the Offered Shares or is deemed to hold or use the Offered Shares in the course of carrying on a business of trading or dealing
in securities or has acquired them or is deemed to have acquired them in a transaction or transactions considered to be an adventure
in the nature of&nbsp;trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not apply to (a)&nbsp;a
Holder that is a &ldquo;financial institution&rdquo; for purposes of the mark-to-market rules&nbsp;contained in the Tax&nbsp;Act;
(b)&nbsp;a Holder that has an interest in which is or would constitute a &ldquo;tax shelter investment&rdquo; as defined in the
Tax&nbsp;Act; (c)&nbsp;a Holder that is a &ldquo;specified financial institution&rdquo; as defined in the Tax&nbsp;Act; (d)&nbsp;a
Holder that is a corporation resident in Canada (for&nbsp;the purpose of the Tax&nbsp;Act) or a corporation that does not deal
at arm&rsquo;s length (for&nbsp;purposes of the Tax&nbsp;Act) with a corporation resident in Canada, and that is or becomes as
part of a transaction or event or series of transactions or events that includes the acquisition of the Offered Shares, controlled
by a non-resident person, or group of non-resident persons not dealing with each other at arm&rsquo;s length, for the purposes
of the foreign affiliate dumping rules&nbsp;in Section&nbsp;212.3 of the Tax&nbsp;Act; (e)&nbsp;a Holder&nbsp;that reports its
 &ldquo;Canadian tax results&rdquo;, as defined in the Tax Act, in a currency other than Canadian currency; (f)&nbsp;a Holder that
is exempt from tax under the Tax&nbsp;Act; (g)&nbsp;a Holder&nbsp;that has entered into, or will enter into, a &ldquo;synthetic
disposition arrangement&rdquo; or a &ldquo;derivative forward agreement&rdquo; with respect to the Offered Shares, as those terms
are defined in the Tax&nbsp;Act; or (h)&nbsp;a Holder that is otherwise of special status or in special circumstances. Such Holders
should consult their own tax advisors with respect to an investment in Offered&nbsp;Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not address the deductibility
of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of Offered&nbsp;Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based upon the current
provisions of the Tax&nbsp;Act and the Regulations in force as of the date hereof, any specific proposals to amend the Tax&nbsp;Act
and the Regulations (the&nbsp;&ldquo;<B>Tax Proposals</B>&rdquo;) which have been announced by or on behalf the Minister of Finance
(Canada) prior to the date hereof, the current provisions of the <I>Canada-United&nbsp;States Tax Convention</I> (1980) (the&nbsp;&ldquo;<B>Canada-U.S.&nbsp;Tax
Convention</B>&rdquo;), and our understanding of the current published administrative policies and assessing practices of the Canada
Revenue Agency (the&nbsp;&ldquo;<B>CRA</B>&rdquo;). This summary assumes that the Tax Proposals will be enacted in the form proposed
and does not take into account or anticipate any other changes in law, whether by way of judicial, legislative or governmental
decision or action, nor does it take into account provincial, territorial or foreign income tax legislation or considerations,
which may differ from the Canadian federal income tax considerations discussed herein. No assurances can be given that the Tax
Proposals will be enacted as proposed or at all, or that legislative, judicial or administrative changes will not modify or change
the statements expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This summary is not exhaustive of all
possible Canadian federal income tax considerations applicable to an investment in Offered Shares. This summary is of a general
nature only and is not intended to be, nor should it be construed to be, legal or income tax advice to any particular Holder. Holders
should consult their own income tax advisors with respect to the tax consequences applicable to them based on their own particular
circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Residents of Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following portion of this summary is
generally applicable to a Holder who, for the purposes of the Tax&nbsp;Act, is resident or deemed to be resident in Canada at all
relevant times (each, a &ldquo;<B>Resident Holder</B>&rdquo;). Certain Resident Holders whose Offered Shares might not otherwise
qualify as capital property may be entitled to make an irrevocable election pursuant to subsection&nbsp;39(4)&nbsp;of the Tax&nbsp;Act
to have the Offered Shares, and every other &ldquo;Canadian security&rdquo; (as&nbsp;defined by the Tax&nbsp;Act) owned by such
Resident Holder in the taxation year of the election and in all subsequent taxation years, deemed to be capital property. Resident
Holders should consult their own tax advisors for advice as to whether an election under subsection&nbsp;39(4)&nbsp;of the Tax&nbsp;Act
is available or advisable in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Taxation of Dividends</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends received or deemed to be received
on the Offered Shares will be included in computing a Resident Holder&rsquo;s income. In the case of a Resident Holder who is an
individual (including certain trusts), dividends (including deemed dividends) received on the Offered Shares will be included in
the Resident Holder&rsquo;s income and be subject to the gross-up and dividend tax credit rules&nbsp;applicable to taxable dividends
received by an individual from taxable Canadian corporations, including the enhanced gross-up and dividend tax credit for &ldquo;eligible
dividends&rdquo; properly designated as such by the Company. There may be limitations on the ability of the Company to designate
dividends as eligible dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of a Resident Holder that is
a corporation, such dividends (including deemed dividends) received on the Offered Shares will be included in the Resident Holder&rsquo;s
income and will normally be deductible in computing such Resident Holder&rsquo;s taxable income, subject to all restrictions under
the Tax Act. In certain circumstances, subsection&nbsp;55(2)&nbsp;of the Tax&nbsp;Act will treat a taxable dividend received by
a Resident Holder that is in a corporation as proceeds of disposition or a capital gain. Resident Holders that are corporations
should consult their own tax advisors having regard to their own circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is a &ldquo;private
corporation&rdquo; or &ldquo;subject corporation&rdquo; (as&nbsp;such terms are defined in the Tax&nbsp;Act) may be liable to pay
a tax (refundable in certain circumstances) under Part&nbsp;IV of the Tax&nbsp;Act on dividends received or deemed to be received
on the Offered Shares to the extent that such dividends are deductible in computing the Resident Holder&rsquo;s taxable income
for the&nbsp;year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends received by a Resident Holder
who is an individual (including certain trusts) may result in such Resident Holder being liable for minimum tax under the Tax Act.
Resident Holders who are individuals should consult their own tax advisors in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Disposition of Offered Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder who disposes of, or is
deemed to have disposed of, an Offered Share (other than to the Company, unless purchased by the Company in the open market in
the manner in which shares are normally purchased by any member of the public in the open market) will realize a capital gain (or&nbsp;incur
a capital loss) equal to the amount by which the proceeds of disposition in respect of the Offered Share exceed (or&nbsp;are exceeded
by) the aggregate of the adjusted cost base to the Resident Holder of such Offered Share immediately before the disposition or
deemed disposition and any reasonable expenses incurred for the purpose of making the disposition. The adjusted cost base to a
Resident Holder of an Offered Share will be determined by averaging the cost of that Offered Share with the adjusted cost base
(determined immediately before the acquisition of the Offered Share) of all other Common Shares held as capital property at that
time by the Resident Holder. The tax treatment of capital gains and capital losses is discussed in greater detail below under the
subheading &ldquo;Taxation of Capital Gains and&nbsp;Losses&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Taxation of Capital Gains and Losses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, one-half of any capital gain
(a&nbsp;&ldquo;<B>taxable capital gain</B>&rdquo;) realized by a Resident Holder must be included in the Resident Holder&rsquo;s
income for the taxation year in which the disposition occurs. Subject to and in accordance with the provisions of the Tax&nbsp;Act,
one-half of any capital loss incurred by a Resident Holder (an&nbsp;&ldquo;<B>allowable capital loss</B>&rdquo;) must generally
be deducted from taxable capital gains realized by the Resident Holder in the taxation year in which the disposition occurs. Allowable
capital losses in excess of taxable capital gains for the taxation year of disposition generally may be carried back and deducted
in the three preceding taxation years or carried forward and deducted in any subsequent year against taxable capital gains realized
in such years, in the circumstances and to the extent provided in the Tax&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A capital loss realized on the disposition
of an Offered Share by a Resident Holder that is a corporation may in certain circumstances be reduced by the amount of dividends
which have been previously received or deemed to have been received by the Resident Holder on the Offered Share. Similar rules&nbsp;may
apply where a corporation is, directly or indirectly through a trust or partnership, a member of a partnership or a beneficiary
of a trust that owns Offered Shares. A Resident Holder to which these rules&nbsp;may be relevant is urged to consult its own tax&nbsp;advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Resident Holder that is throughout the
relevant taxation year a &ldquo;Canadian-controlled private corporation&rdquo; (as&nbsp;defined in the Tax&nbsp;Act) may be liable
to pay an additional tax (refundable in certain circumstances) on its &ldquo;aggregate investment income&rdquo; (as&nbsp;defined
in the Tax&nbsp;Act) for the year, which is defined to include an amount in respect of taxable capital&nbsp;gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital gains realized by a resident who
is an individual (including certain trusts) may result in such Resident Holder being liable for minimum tax under the Tax&nbsp;Act.
Resident Holders who are individuals should consult their own tax advisors in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Residents of Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following portion of this summary is
generally applicable to a Holder who, for purposes of the Tax&nbsp;Act and at all relevant times, is neither resident nor deemed
to be resident in Canada and does not use or hold, and will not be deemed to use or hold, Offered Shares in a business carried
on in Canada (each, a &ldquo;<B>Non-Resident Holder</B>&rdquo;). The term &ldquo;<B>U.S.&nbsp;Holder</B>,&rdquo; for the purposes
of this summary, means a Non-Resident Holder who, for purposes of the Canada-U.S.&nbsp;Tax Convention, is at all relevant times
a resident of the United&nbsp;States and is a &ldquo;qualifying person&rdquo; within the meaning of the Canada-U.S.&nbsp;Tax Convention
eligible for the full benefits of the Canada-U.S. Tax Convention. In some circumstances, persons deriving amounts through fiscally
transparent entities (including limited liability companies) may be entitled to benefits under the Canada-U.S. Tax Convention.
U.S.&nbsp;Holders are urged to consult their own tax advisors to determine their entitlement to benefits under the Canada-U.S.
Tax Convention and related compliance requirements based on their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special considerations, which are not discussed
in this summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere
or an authorized foreign bank (as&nbsp;defined in the Tax&nbsp;Act). Such Non-Resident Holders should consult their own&nbsp;advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Taxation of Dividends</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to an applicable tax treaty or
convention, dividends paid or credited, or deemed to be paid or credited, to a Non Resident Holder on the Offered Shares will be
subject to Canadian withholding tax under the Tax Act at the rate of 25% of the gross amount of the dividend. Such rate is generally
reduced under the Canada-U.S. Tax Convention to 15% if the beneficial owner of such dividend is a U.S. Holder. The rate of withholding
tax is further reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that is a company that owns, directly or
indirectly, at least 10% of the voting stock of the Company. Non-Resident Holders should consult their own tax advisors to determine
their entitlement to benefits under any applicable tax treaty or convention based on their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Disposition of Offered Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-Resident Holder will not be subject
to tax under the Tax&nbsp;Act in respect of any capital gain realized by such Non-Resident Holder on a disposition of Offered Shares,
unless the Offered Shares constitute &ldquo;taxable Canadian property&rdquo; (as&nbsp;defined in the Tax&nbsp;Act) of the Non-Resident
Holder at the time of the disposition and are not &ldquo;treaty-protected property&rdquo; (as&nbsp;defined in the Tax&nbsp;Act)
of the Non-Resident Holder at the time of the disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, as long as the Offered Shares
are then listed on a designated stock exchange (which currently includes the TSX), the Offered Shares will not constitute taxable
Canadian property of a Non-Resident Holder, unless at any time during the 60-month period immediately preceding the disposition
the following two conditions are met concurrently: (a<B>)</B>&nbsp;the Non-Resident Holder, persons with which the Non-Resident
Holder does not deal at arm&rsquo;s length, partnerships whose members include, either directly or indirectly through one or more
partnerships, the Non-Resident Holder and/or persons which do not deal at arm&rsquo;s length with the Non-Resident Holder, or any
combination of the foregoing, owned 25% or more of the issued shares of any class or series of shares of the capital stock of the
Company, and (b<B>)</B>&nbsp;more than 50% of the fair market value of the Offered Shares was derived directly or indirectly, from
one or any combination of real or immovable property situated in Canada, &ldquo;Canadian resource properties&rdquo;, &ldquo;timber
resource properties&rdquo; (each as defined in the Tax&nbsp;Act), and options in respect of or interests in, or for civil law rights
in, any such property (whether or not such property exists).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares of a U.S.&nbsp;Holder
will generally constitute &ldquo;treaty<B>-</B>protected property&rdquo; for purposes of the Tax&nbsp;Act unless the value of the
Offered Shares is derived principally from real property situated in Canada. For this purpose, &ldquo;real property&rdquo; has
the meaning that term has under the laws of Canada and includes any option or similar right in respect thereof and usufruct of
real property, rights to explore for or to exploit mineral deposits, sources and other natural resources and rights to amounts
computed by reference to the amount or value of production from such&nbsp;resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Offered Shares are taxable Canadian
property of a Non-Resident Holder and are not treaty-protected property of the Non-Resident Holder at the time of their disposition,
the consequences above under &ldquo;Residents of Canada &ndash; Disposition of Offered Shares&rdquo; and &ldquo;Residents of Canada&nbsp;-
Taxation of Capital Gains and Losses&rdquo; will generally apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Resident Holders whose Offered Shares
may constitute taxable Canadian property should consult their own&nbsp;advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_024"></A><FONT STYLE="text-transform: uppercase"><B>MATERIAL
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the limitations and qualifications
stated herein, this discussion sets forth material U.S. federal income tax considerations relating to the acquisition, ownership
and disposition by U.S. Holders (as hereinafter defined) of the Offered Shares. The discussion is based on the Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), its legislative history, Treasury regulations thereunder (whether final,
temporary or proposed), published rulings and court decisions, and the Canada-U.S. Tax Convention, all as currently in effect and
all subject to change at any time, possibly with retroactive effect. This summary applies only to U.S. Holders. This discussion
of a U.S. Holder&rsquo;s tax consequences addresses only those persons that acquire Offered Shares in the Offering pursuant to
this Prospectus Supplement and that hold those Offered Shares as capital assets (generally, property held for investment). This
summary also does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted,
could be applied on a retroactive or prospective basis, or the tax consequences of transactions effected prior or subsequent to,
or concurrently with, the acquisition of any Offered Shares. We have not and will not seek any rulings from the Internal Revenue
Service (&ldquo;<B>IRS</B>&rdquo;) regarding the matters discussed below, and there can be no assurance that the IRS will not take
positions concerning the tax consequences of the acquisition, ownership or disposition of Offered Shares that are different from
those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary provides only a general discussion
and is not a complete analysis of all potential tax consequences arising from an investment in the Offered Shares. In addition,
it does not describe all of the tax consequences that may be relevant in light of a U.S. Holder&rsquo;s particular circumstances,
including non-U.S. tax consequences, state and local tax consequences, estate and gift tax consequences, alternative minimum tax
consequences, and tax consequences applicable to U.S. Holders subject to special rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">banks, insurance companies, and certain other financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S. expatriates and certain former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding Offered Shares as part of a hedging transaction, &ldquo;straddle,&rdquo; wash sale,
conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Offered Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons whose &ldquo;functional currency&rdquo; for U.S. federal income tax purposes is not the
U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">brokers, dealers or traders in securities, commodities or currencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt entities, qualified retirement plans, individual retirement accounts, other tax-deferred
accounts or government organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">S corporations, partnerships, or other entities or arrangements classified as partnerships or otherwise
treated as pass-through entities for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulated investment companies or real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who acquired the Offered Shares pursuant to the exercise of any employee stock option or
otherwise as compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons required to accelerate the recognition of any item of gross income with respect to the
Offered Shares as a result of such income being recognized on an applicable financial statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding the Offered Shares in connection with a trade or business, permanent establishment,
or fixed base outside the United States; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who own (directly or through attribution) 10% or more (by vote or value) of our outstanding
Common Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an entity or arrangement that is classified
as a partnership for U.S. federal income tax purposes holds Offered Shares, the U.S. federal income tax treatment of a partner
will generally depend on the status of the partner and the activities of the partnership. Any entity treated as a partnership and
partners in such partnerships are encouraged to consult their tax advisors as to the particular U.S. federal income tax consequences
of acquiring, holding and disposing of Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this summary, a &ldquo;U.S.
Holder&rdquo; is a holder who, for U.S. federal income tax purposes, is a beneficial owner of Offered Shares and is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation, or other entity taxable as a corporation, created or organized in or under the laws
of the United States, any state therein or the District of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate the income of which is subject to U.S. federal income taxation regardless of its source;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust if (1)&nbsp;a U.S. court is able to exercise primary supervision over the administration
of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or (2)&nbsp;the trust
has a valid election in effect to be treated as a U.S. person under applicable Treasury regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PERSONS CONSIDERING AN INVESTMENT IN OFFERED
SHARES SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES APPLICABLE TO THEM RELATING TO THE ACQUISITION,
OWNERSHIP AND DISPOSITION OF THE OFFERED SHARES,&nbsp;INCLUDING THE APPLICATION OF U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX
LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are classified as a passive foreign
investment company (&ldquo;<B>PFIC</B>&rdquo;) in any taxable year, a U.S. Holder will be subject to special rules&nbsp;generally
intended to reduce or eliminate any benefits from the deferral of U.S. federal income tax that a U.S. Holder could derive from
investing in a non-U.S. corporation that does not distribute all of its earnings on a current basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation will be classified
as a PFIC for any taxable year in which, after applying certain look-through rules, either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 75% of its gross income is passive income (such as interest income); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 50% of its gross assets (determined on the basis of a quarterly average) is attributable
to assets that produce passive income or are held for the production of passive income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be treated as owning our proportionate
share of the assets and earning our proportionate share of the income of any other corporation, the equity of which we own, directly
or indirectly, 25% or more (by value). Pursuant to proposed Treasury Regulations, we will also be treated as owning our proportionate
share of the assets and earning our proportionate share of the income of any partnership, the equity of which we own, directly
or indirectly, 25% or more (by value). In addition, if we own, directly or indirectly, less than 25% (by value) of the equity of
a partnership, our proportionate share of the income of the partnership will be treated as passive income, and the partnership
interest will be treated as a passive asset. The proposed Treasury Regulations would apply to tax years of U.S. persons that are shareholders in certain foreign corporations beginning
on or after the date of publication of the Treasury decision adopting the proposed Treasury Regulations as final regulations in the Federal
Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of PFIC status is inherently
factual, is subject to a number of uncertainties, and can be determined only annually after the close of the tax year in question.
Additionally, the analysis depends, in part, on the application of complex U.S. federal income tax rules, which are subject to
differing interpretations. <B>There can be no assurance that the Company will or will not be determined to be a PFIC for the current
tax year or any prior or future tax year, and no opinion of legal counsel or ruling from the IRS concerning the status of the Company
as a PFIC has been obtained or will be requested. U.S. Holders should consult their own tax advisors regarding the PFIC status
of the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are classified as a PFIC in any year
that a U.S. Holder owns any Common Shares, we will continue to be treated as a PFIC with respect to such U.S. Holder in all succeeding
years during which the U.S. Holder owns any Common Shares, regardless of whether we continue to meet the tests described above
unless (i)&nbsp;we cease to be a PFIC and the U.S. Holder has made a &ldquo;deemed sale&rdquo; election under the PFIC rules&nbsp;or
(ii)&nbsp;the U.S. Holder makes a Qualified Electing Fund Election (a &ldquo;<B>QEF Election</B>&rdquo;) for all taxable years
during such U.S. Holder&rsquo;s holding period in which we are a PFIC. If the &ldquo;deemed sale&rdquo; election is made, a U.S.
Holder will be deemed to have sold such U.S. Holder&rsquo;s Common Shares at their fair market value and any gain from such deemed
sale would be subject to the &ldquo;excess distribution&rdquo; rules&nbsp;described below. After the deemed sale election, so long
as we do not become a PFIC in a subsequent taxable year, the U.S. Holder&rsquo;s Common Shares with respect to which such election
was made will not be treated as shares in a PFIC and the U.S. Holder will not be subject to the rules&nbsp;described below with
respect to any &ldquo;excess distribution&rdquo; the U.S. Holder receives from us or any gain from an actual sale or other disposition
of the Common Shares. U.S. Holders should consult their tax advisors as to the possibility and consequences of making a deemed
sale election if we cease to be a PFIC and such election becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each taxable year we are treated as
a PFIC, a U.S. Holder will be subject to special tax rules&nbsp;for any &ldquo;excess distribution&rdquo; such U.S. Holder receives
and any gain such U.S. Holder recognizes from a sale or other disposition (including, under certain circumstances, a pledge) of
Offered Shares, unless (i)&nbsp;such U.S. Holder makes a QEF Election or (ii)&nbsp;our Common Shares constitute &ldquo;marketable&rdquo;
securities, and such U.S. Holder makes a mark-to-market election as discussed below. Absent the making of a QEF Election or a mark-to-market
election, distributions a U.S. Holder receives in a taxable year that are greater than 125% of the average annual distributions
a U.S. Holder received during the shorter of the three preceding taxable years or the U.S. Holder&rsquo;s holding period for the
Offered Shares will be treated as an excess distribution. Under these special tax rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the excess distribution or gain will be allocated ratably over a U.S. Holder&rsquo;s holding period
for the Offered Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to the current taxable year, and any taxable year prior to the first taxable
year in which we became a PFIC, will be treated as ordinary income; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to each other year will be subject to the highest tax rate in effect for that
year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to
each such year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax liability for amounts allocated
to years prior to the year of disposition or excess distribution cannot be offset by any net operating losses for such years, and
gains (but not losses) realized on the sale of the Offered Shares cannot be treated as capital, even if a U.S. Holder holds the
Offered Shares as capital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if we are a PFIC, a U.S. Holder
will generally be subject to similar rules&nbsp;with respect to distributions we receive from, and our dispositions of the stock
of, any of our direct or indirect subsidiaries that also are PFICs, as if such distributions were indirectly received by, and/or
dispositions were indirectly carried out by, such U.S. Holder. U.S. Holders should consult their tax advisors regarding the application
of the PFIC rules&nbsp;to our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a U.S. Holder makes an effective QEF
Election, the U.S. Holder will be required to include in gross income each year, whether or not we make distributions, as capital
gains, such U.S. Holder&rsquo;s pro rata share of our net capital gains and, as ordinary income, such U.S. Holder&rsquo;s pro rata
share of our earnings in excess of our net capital gains. Currently, we do not expect that we would provide the information necessary
for U.S. Holders to make a QEF Election if we determine that we are a PFIC. Thus, prospective investors should assume that a QEF
Election will not be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders also can avoid the interest
charge on excess distributions or gain relating to the Offered Shares by making a mark-to-market election with respect to the Offered
Shares, provided that the Offered Shares are &ldquo;marketable.&rdquo; Offered Shares will be marketable if they are &ldquo;regularly
traded&rdquo; on certain U.S. stock exchanges or on a foreign stock exchange that meets certain conditions. For these purposes,
the Offered Shares will be considered regularly traded in any calendar year during which they are traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter. Any trades, the principal purpose of which is to meet this requirement,
will be disregarded. The Offered Shares are listed on the NYSE American, which is a qualified exchange for these purposes. Consequently,
if the Offered Shares remain listed on the NYSE American and are regularly traded, we expect the mark-to-market election would
be available to U.S. Holders if we are a PFIC. Each U.S. Holder should consult its own tax advisor as to whether a mark-to-market
election is available or advisable with respect to the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a mark-to-market
election must include in ordinary income for each year the Company is a PFIC an amount equal to the excess, if any, of the fair
market value of the Offered Shares at the close of the taxable year over the U.S. Holder&rsquo;s adjusted tax basis in the Offered
Shares. An electing U.S. Holder may also claim an ordinary loss deduction for the excess, if any, of the U.S. Holder&rsquo;s adjusted
basis in the Offered Shares over the fair market value of the Offered Shares at the close of the taxable year, but this deduction
is allowable only to the extent of any net mark-to-market gains for prior years. Gains from an actual sale or other disposition
of the Offered Shares will be treated as ordinary income, and any losses incurred on a sale or other disposition of the shares
will be treated as an ordinary loss to the extent of any net mark-to-market gains for prior years. Any loss in excess thereof will
be taxed as a capital loss, and capital losses are subject to significant limitations under the Code. Once made, the election cannot
be revoked without the consent of the IRS unless the Offered Shares cease to be marketable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, a mark-to-market election generally
cannot be made for equity interests in any lower-tier PFICs that we own, unless shares of such lower-tier PFIC are themselves &ldquo;marketable.&rdquo;
As a result, even if a U.S. Holder validly makes a mark-to-market election with respect to the Offered Shares, the U.S. Holder
may continue to be subject to the PFIC rules&nbsp;(described above) with respect to the U.S. Holder&rsquo;s indirect interest in
any of our investments that are treated as an equity interest in a PFIC. U.S. Holders should consult their tax advisors to determine
whether any of these elections would be available and if so, what the tax consequences of the alternative treatments would be in
their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that owns shares in a PFIC
during any taxable year of the U.S. Holder may have to file an IRS Form 8621 (whether or not a QEF Election or mark-to-market
election is made) and such other information as may be required by the U.S. Treasury Department (&ldquo;<B>U.S. Treasury</B>&rdquo;).
Failure to do so, if required, will extend the statute of limitations until three years after such required information is furnished
to the IRS. Each U.S. Holder should consult its own tax advisor regarding the requirements of filing such information returns
under these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WE STRONGLY URGE YOU TO CONSULT YOUR TAX
ADVISOR REGARDING THE IMPACT OF OUR PFIC STATUS ON YOUR INVESTMENT IN THE OFFERED SHARES AS WELL AS THE APPLICATION OF THE PFIC
RULES TO YOUR INVESTMENT IN THE OFFERED SHARES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Dividends and Other Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, to the extent there are any distributions made with respect
to the Offered Shares, a U.S. Holder generally will be required to include such distributions in its gross income (including the
amount of Canadian taxes withheld, if any) as dividend income, but only to the extent that the distribution is paid out of our
current or accumulated earnings and profits (computed using U.S. federal income tax principles). The amount of the distribution
in excess of our current or accumulated earnings and profits is treated first as a non-taxable return of capital to the extent
of the U.S. Holder&rsquo;s adjusted tax basis in its Offered Shares and, thereafter, as capital gain recognized on a sale or exchange
on the day actually or constructively received by the U.S. Holder (as described below under the heading &ldquo;<I>Sale or Disposition
of Offered Shares</I>&rdquo;). There can be no assurance that we will maintain calculations of our earnings and profits in accordance
with U.S. federal income tax principles. U.S. Holders should therefore assume that any distribution with respect to the Offered
Shares will constitute dividend income. Dividends paid on the Offered Shares will not be eligible for the dividends received deduction
allowed for distributions from U.S. corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid to a non-corporate U.S.
Holder by a &ldquo;qualified foreign corporation&rdquo; may be subject to reduced rates of taxation if certain holding period and
other requirements are met. A qualified foreign corporation generally includes a foreign corporation if (i)&nbsp;the stock with
respect to which the dividends are paid is readily tradable on an established securities market in the United States or it is eligible
for benefits under a comprehensive U.S. income tax treaty that includes an exchange of information provision and that the U.S.
Treasury has determined is satisfactory for these purposes and (ii)&nbsp;it is not a PFIC (as discussed above) for either the taxable
year in which the dividend is paid or the preceding taxable year. The Offered Shares are readily tradable on an established securities
market, the NYSE American. We may also be eligible for the benefits of the Canada-U.S. Tax Convention. Accordingly, subject to
the PFIC rules&nbsp;discussed above, we expect that a non-corporate U.S. Holder should qualify for the reduced tax rate on dividends
so long as the applicable holding period requirements are met. U.S. Holders should consult their own tax advisors regarding the
availability of the reduced tax rate on dividends in light of their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions paid in a currency other
than U.S. dollars will be included in a U.S. Holder&rsquo;s gross income in a U.S. dollar amount based on the spot exchange rate
in effect on the date of actual or constructive receipt, whether or not the payment is converted into U.S. dollars at that time.
The U.S. Holder will have a tax basis in such currency equal to such U.S. dollar amount, and any gain or loss recognized upon a
subsequent sale or conversion of the foreign currency for a different U.S. dollar amount will generally be U.S. source ordinary
income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the dividend is converted into U.S.
dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect
of the dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a U.S. Holder is subject to Canadian
withholding taxes (at the rate applicable to such U.S. Holder) with respect to dividends paid on the Offered Shares, such U.S.
Holder may be entitled to receive either a deduction or a foreign tax credit for such Canadian taxes paid. Complex limitations
apply to the foreign tax credit. Dividends paid by us generally will constitute foreign source income and generally will be categorized
as &ldquo;passive category income.&rdquo; Because the foreign tax credit rules&nbsp;are complex, each U.S. Holder should consult
its own tax advisor regarding the foreign tax credit rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sale or Disposition of Offered Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, a U.S. Holder generally will recognize gain or loss on the
taxable sale or exchange of the Offered Shares in an amount equal to the difference between the U.S. dollar amount realized on
such sale or exchange (determined in the case of the Offered Shares sold or exchanged for currencies other than U.S. dollars by
reference to the spot exchange rate in effect on the date of the sale or exchange or, if the Offered Shares sold or exchanged are
traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer,
which election must be applied consistently from year to year and cannot be changed without the consent of the IRS, the spot exchange
rate in effect on the settlement date) and the U.S. Holder&rsquo;s adjusted tax basis in the Offered Shares determined in U.S.
dollars. The initial tax basis of the Offered Shares to a U.S. Holder will be the U.S. Holder&rsquo;s U.S. dollar purchase price
for the Offered Shares (determined by reference to the spot exchange rate in effect on the date of the purchase, or if the Offered
Shares purchased are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual
basis taxpayer, which election must be applied consistently from year to year and cannot be changed without the consent of the
IRS, the spot exchange rate in effect on the settlement date). An accrual basis U.S. Holder that does not make the special election
will recognize exchange gain or loss to the extent attributable to the difference between the exchange rates on the sale date and
the settlement date, and such exchange gain or loss generally will constitute ordinary income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, such gain or loss will be capital gain or loss and will be
long-term gain or loss if the Offered Shares have been held for more than one year. Under current law, long-term capital gains
of non-corporate U.S. Holders generally are eligible for reduced rates of taxation. The deductibility of capital losses is subject
to limitations under the Code. Capital gain or loss, if any, recognized by a U.S. Holder generally will be treated as U.S. source
income or loss for U.S. foreign tax credit purposes. U.S. Holders are encouraged to consult their own tax advisors regarding the
availability of the U.S. foreign tax credit in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Medicare Contribution Tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders that are individuals,
estates or certain trusts, and whose incomes exceed certain thresholds, must pay a 3.8% tax, or &ldquo;Medicare contribution tax&rdquo;,
on their &ldquo;net investment income.&rdquo; Net investment income generally includes, among other things, dividend income and
net gains from the disposition of stock. A U.S. Holder that is an individual, estate or trust should consult its own tax advisor
regarding the applicability of the Medicare contribution tax to its income and gains in respect of its investment in the Offered
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Reporting and Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of dividends and sales proceeds
that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information
reporting, and may be subject to backup withholding, unless (i)&nbsp;the U.S. Holder is a corporation or other exempt recipient
or (ii)&nbsp;in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies
that it is not subject to backup withholding on a duly executed IRS Form&nbsp;W-9 or otherwise establishes an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional
tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&rsquo;s
U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is timely
furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Reporting Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders paying more than $100,000
for the Offered Shares generally may be required to file IRS Form&nbsp;926 reporting the payment of the offer price for the Offered
Shares. Substantial penalties may be imposed upon a U.S. Holder that fails to comply. Certain U.S. Holders who are individuals
(and, under regulations, certain entities) may be required to report information relating to the Offered Shares, subject to certain
exceptions (including an exception for Offered Shares held in accounts maintained by certain U.S. financial institutions), by filing
IRS Form&nbsp;8938 (Statement of Specified Foreign Financial Assets) with their federal income tax returns. Such U.S. Holders who
fail to timely furnish the required information may be subject to a penalty. Additionally, if a U.S. Holder does not file the required
information, the statute of limitations with respect to tax returns of the U.S. Holder to which the information relates may not
close until three years after such information is filed. U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders should consult their own tax advisors
regarding their reporting obligations with respect to their acquisition, ownership and disposition of Offered Shares and the application
of the U.S. information reporting and withholding rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_015"></A><FONT STYLE="text-transform: uppercase"><B>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares will be offered in
each of the provinces of Canada, except Qu&eacute;bec, and in the United States pursuant to the multijurisdictional
disclosure system and, subject to applicable law and the Underwriting Agreement, certain jurisdictions outside of Canada and
the United States. Pursuant to the Underwriting Agreement, the Company has agreed to issue and sell and the Underwriters have
severally agreed to purchase, as principals, subject to compliance with all necessary legal requirements and the terms and
conditions contained in the Underwriting Agreement, a total of [&bull;] Offered Shares at the Offering Price of US$[&bull;]
per Offered Share, payable in cash to the Company against delivery of such Offered Shares, on the Closing Date. In
consideration for their services in connection with the Offering, the Underwriters will be paid the Underwriting Commission
equal to 6.0% of the gross proceeds of the Offering (US$[&bull;] per Offered Share, for an aggregate fee payable by the
Company of US$[&bull;], exclusive of any Underwriting Commission payable in connection with the Over-Allotment Shares),
provided the fee payable on subscriptions of Offered Shares (up to an aggregate maximum of US$500,000) by certain select
persons on the President&rsquo;s List, as agreed upon between the Company and the Lead Underwriters, shall be reduced to
3.0%. The Offering Price was determined by negotiation between the Company and the Lead Underwriters, on their own behalf and
on behalf of the other Underwriters. Subject to the terms and conditions of the Underwriting Agreement, the Company has
agreed to sell to the Underwriters, and each Underwriter has severally agreed to purchase, at the Offering Price less the
Underwriting Commission set forth on the cover page&nbsp;of this Prospectus Supplement, the number of Offered Shares listed
next to its name in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; width: 77%; border: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt; width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Number of <BR>
Offered Shares </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Cantor Fitzgerald Canada Corporation </TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">[&bull;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">Haywood Securities Inc.</TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">[&bull;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify">[&bull;]</TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">[&bull;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: justify"><B>Total</B></TD>
    <TD STYLE="padding: 3pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">[&bull;]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement,
Denison has granted to the Underwriters the Over-Allotment Option, exercisable in whole or in part at any time up to 30 days after
the Closing Date, to purchase up to an additional [&bull;] Offered Shares at the Offering Price to cover over-allocations, if any,
and for market stabilization purposes, on the same terms and conditions as apply to the purchase of Offered Shares thereunder.
This Prospectus Supplement qualifies for distribution the Offered Shares as well as the grant of the Over-Allotment Option and
the issuance of the Over-Allotment Shares pursuant to the exercise of the Over-Allotment Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A purchaser who acquires Over-Allotment
Shares forming part of the Underwriters' over-allocation position acquires those Over-Allotment Shares under this Prospectus Supplement,
regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary
market purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cantor Fitzgerald Canada Corporation, Haywood
Securities Inc., [&bull;], [&bull;] and [&bull;] may sell Offered Shares in the United States through their U.S. affiliates, Cantor
Fitzgerald&nbsp;&amp; Co., Haywood Securities (USA) Inc., [&bull;], [&bull;] and [&bull;], respectively, which are not registered
as investment dealers in any Canadian jurisdiction and, accordingly, will only sell Offered Shares into the United States and will
not, directly or indirectly, solicit offers to purchase or sell the Offered Shares in Canada. [&bull;] and [&bull;] will only be
offering the Offered Shares in the United States. &nbsp;Subject to applicable law, the Underwriters may offer to sell the Offered
Shares outside of Canada and the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company understands that certain directors
and officers of the Company may purchase Offered Shares under the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to policies of certain Canadian
securities regulatory authorities, the Underwriters may not, throughout the period of distribution under the Offering, bid for
or purchase Common Shares for their own accounts or for accounts over which they exercise control or direction.&nbsp; The foregoing
restriction is subject to certain exceptions, on the condition that the bid or purchase not be engaged in for the purpose of creating
actual or apparent active trading in or raising the price of the Common Shares.&nbsp; These exceptions include a bid or purchase
permitted under Universal Market Integrity Rules&nbsp;for Canadian marketplaces administered by the Investment Industry Regulatory
Organization of Canada relating to market stabilization and passive market making activities, and a bid or purchase made for or
on behalf of a customer where the order was not solicited during the period of distribution.&nbsp; Subject to the foregoing, the
Underwriters may effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those
which otherwise might prevail on the open market.&nbsp; These stabilizing transactions, syndicate covering transactions and penalty
bids may have the effect of preventing or mitigating a decline in the market price of the Common Shares, and may cause the price
of the Offered Shares to be higher than would otherwise exist in the open market absent such stabilizing activities.&nbsp; As a
result, the price of the Offered Shares may be higher than the price that might otherwise exist in the open market.&nbsp; Such
transactions, if commenced, may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Underwriters propose to offer the
Offered Shares initially at the Offering Price. After a reasonable effort has been made to sell all of the Offered Shares at the
Offering Price, the Underwriters may subsequently reduce the selling price to investors from time to time in order to sell any
of the Offered Shares remaining unsold. Any such reduction will not affect the proceeds received by the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations of the Underwriters under
the Underwriting Agreement are several, and not joint, and may be terminated at their discretion upon the occurrence of certain
events specified in the Underwriting Agreement including standard &quot;litigation out&quot;, &quot;financial out&quot;, &quot;disaster
out&quot; &quot;regulatory out&quot; and &quot;material adverse change out&quot; rights of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters are obligated to take
up and pay for all the Offered Shares offered by this Prospectus Supplement (not including the Over-Allotment Shares issuable upon
exercise of the Over-Allotment Option) if any are purchased under the Underwriting Agreement, subject to certain exceptions. Denison
has agreed in the Underwriting Agreement to reimburse the Underwriters for their legal fees and certain other expenses in connection
with the Offering, in an amount not to exceed US$[&bull;] (exclusive of taxes and disbursements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has agreed, pursuant to the
Underwriting Agreement, to indemnify the Underwriters and their respective affiliates and their respective directors, officers,
employees, shareholders and agents and each other person, if any, controlling any of the Underwriters or their affiliates and against
certain liabilities, including liabilities under Canadian and U.S. securities legislation in certain circumstances or to contribute
to payments the Underwriters may have to make because of such liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has agreed in the Underwriting
Agreement that it shall not issue, negotiate or enter into any agreement to sell or issue, or announce the issue of, any equity
securities of the Company for a period of 90 days from the Closing Date, without the prior written consent of the Lead Underwriters,
on behalf of the Underwriters, such consent to not be unreasonably withheld or delayed, other than: (i)&nbsp;pursuant to the grant
of options or other securities (including RSUs and DSUs) in the normal course pursuant to any equity compensation plan in effect
as of the date of the Underwriting Agreement; (ii)&nbsp;the issuance of Common Shares upon the exercise, vesting or conversion
of any options, RSUs, warrants, special warrants or other convertible securities of the Company outstanding as of the date of the
Underwriting Agreement;&nbsp; and (iii)&nbsp;the issuance of Common Shares or securities convertible into or exchangeable for Common
Shares in connection with one or more <I>bona fide</I> acquisitions by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has agreed to use its reasonable
efforts to cause each director and officer of the Company to enter into lock-up agreements in favour of the Underwriters evidencing
their agreement not to, for a period of 90 days following the Closing Date, without the prior written consent of Cantor, which
consent is not to be unreasonably withheld, issue, offer, sell (including any short sale), contract or agree to sell, hypothecate,
pledge, grant any option to purchase or otherwise dispose of or agree to dispose of or transfer, directly or indirectly any Common
Shares or other securities of the Company held by them, directly or indirectly or under their control or direction, other than
as permitted under the terms of the lock-up agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement and Prospectus
in electronic format may be made available on the websites maintained by one or more of the Underwriters or their U.S. affiliates
participating in the Offering. The Underwriters may agree to allocate a number of Offered Shares to the Underwriters and their
U.S. affiliates for sale to their online brokerage account holders. Internet distributions will be allocated by the representative
to the Underwriters and their U.S. affiliates that may make Internet distributions on the same basis as other allocations. Other
than the Prospectus and Prospectus Supplement in electronic format, the information on these websites is not part of this Prospectus
Supplement or the registration statement of which this Prospectus Supplement forms a part, has not been approved or endorsed by
the Company or any Underwriter in its capacity as underwriter, and should not be relied upon by investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscriptions will be received subject
to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice.&nbsp;
The closing of the Offering is expected to occur on or about&nbsp; October&nbsp;14, 2020, which will be the third business day
following the pricing of the Offering. Since trades in the stock market generally settle in two business days, purchasers who wish
to trade Common Shares prior to the delivery of the Offered Shares hereunder will be required, by virtue of the fact that the Offering
will settle four business days following pricing of the Offering, to specify alternative settlement arrangements at the time of
any such trade to prevent a failed settlement. Purchasers of the Offered Shares who wish to trade the Offered Shares prior to their
date of delivery hereunder should consult their advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Investors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>European Economic Area and the United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In relation to each Member State of the
European Economic Area and the United Kingdom (each a &ldquo;<B>Relevant State</B>&rdquo;), no offer of any securities which are
the subject of the offering contemplated by this Prospectus has been or will be made to the public in that Relevant State, except
that an offer of such securities may be made to the public in that Relevant State at any time under the following exemptions under
the Prospectus Regulation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to any legal entity which is a &ldquo;qualified investor&rdquo; as defined in the Prospectus Regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to fewer than 150, natural or legal persons (other than qualified investors as defined in the Prospectus
Regulation), as permitted under the Prospectus Regulation, subject to obtaining the prior consent of the representatives of the
underwriters for any such offer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in any other circumstances falling within Article&nbsp;1(4)&nbsp;of the Prospectus Regulation,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">provided that no such offer of securities shall require the Company or any of the Underwriters to publish a prospectus pursuant
to Article&nbsp;3 of the Prospectus Regulation or supplement a prospectus pursuant to Article&nbsp;23 of the Prospectus Regulation
and each person who initially acquires Offered Shares or to whom any offer is made will be deemed to have represented, acknowledged
and agreed to and with each of the Underwriters and the Company that it is a &ldquo;qualified investor&rdquo; within the meaning
of Article&nbsp;2(e)&nbsp;of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this provision, the
expression an &ldquo;offer to the public&rdquo; in relation to any securities in any Relevant State means the communication in
any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable
an investor to decide to purchase or subscribe for the securities and the expression &ldquo;Prospectus Regulation&rdquo; means
Regulation (EU) 2017/1129.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in the United Kingdom, this
Prospectus Supplement is only being distributed to, and is only directed at, persons in the United Kingdom that are Qualified Investors
who are: (i)&nbsp;investment professionals falling within Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the &ldquo;<B>Order</B>&rdquo;); (ii)&nbsp;high net worth persons falling within
Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of the Order; or (iii)&nbsp;other such persons to whom it may lawfully be communicated or
caused to be communicated, ((i)&nbsp;to (iii)&nbsp;together, the &ldquo;Relevant Person&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus and its contents are confidential
and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in
the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this document or any
of its contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement contains no
offer to the public within the meaning of section 102B of FSMA. This Prospectus is not a prospectus for the purposes of Section&nbsp;85
of the Financial Services and Markets Act 2000 (&ldquo;<B>FSMA</B>&rdquo;). Accordingly, this Prospectus has not been nor will
it be approved as a prospectus by the FCA under Section&nbsp;87A of the FSMA and it has not been filed with the FCA pursuant to
the United Kingdom Prospectus Rules&nbsp;nor has it been approved by the LSE or by a person authorised for the purposes of Section&nbsp;21
of FSMA. Any invitation or inducement to engage in investment activity within the meaning of Section&nbsp;21 of FSMA may only be
communicated or caused to be communicated in connection with the issue or sale of the securities in circumstances in which Section&nbsp;21(1)&nbsp;of
FSMA does not apply. All applicable provisions of the FSMA must be complied with in respect of anything done by any person in relation
to the securities in, from or otherwise involving the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Hong Kong</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No securities have been offered or sold,
and no securities may be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business
is to buy or sell shares or debentures, whether as principal or agent; or to &quot;professional investors&quot; as defined in the
Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules&nbsp;made under that Ordinance; or in other circumstances
which do not result in the document being a &quot;prospectus&quot; as defined in the Companies Ordinance (Cap. 32) of Hong Kong
or which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32) of Hong Kong. No document,
invitation or advertisement relating to the securities has been issued or may be issued or may be in the possession of any person
for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely
to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with
respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to &quot;professional
investors&quot; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules&nbsp;made under that Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus has not been registered
with the Registrar of Companies in Hong Kong. Accordingly, this Prospectus may not be issued, circulated or distributed in Hong
Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities
will be required, and is deemed by the acquisition of the securities, to confirm that such person is aware of the restriction on
offers of the securities described in this Prospectus and the relevant offering documents and that such person is not acquiring,
and has not been offered any securities in circumstances that contravene any such restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Japan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offering has not been and will not
be registered under the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25 of 1948 of Japan, as amended), or FIEL,
and an initial purchaser will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of,
any resident of Japan (which term as used herein means, unless otherwise provided herein, any person resident in Japan, including
any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly,
in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance
with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement has not been
and will not be lodged or registered with the Monetary Authority of Singapore. Accordingly, this Prospectus Supplement and any
other document or material in connection with the offer or sale, or the invitation for subscription or purchase of the securities
may not be issued, circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation
for subscription or purchase, whether directly or indirectly, to the public or any member of the public in Singapore other than
(i)&nbsp;to an institutional investor under Section&nbsp;274 of the Securities and Futures Act, Chapter 289 of Singapore, or the
SFA, (ii)&nbsp;to a relevant person as defined under Section&nbsp;275(2), or any person pursuant to Section&nbsp;275(1A) of the
SFA, and in accordance with the conditions, specified in Section&nbsp;275 of the SFA, or (iii)&nbsp;otherwise pursuant to, and
in accordance with the conditions of any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where the securities are subscribed or purchased under Section&nbsp;275
of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation (which is not an accredited investor as defined under Section&nbsp;4A of the SFA)
the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each
of whom is an accredited investor; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments
and each beneficiary is an accredited investor,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shares, debentures and units of shares and debentures of that
corporation or the beneficiaries' rights and interest in that trust shall not be transferable for six months after that corporation
or that trust has acquired the Offered Shares under Section&nbsp;275 of the SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to an institutional investor under Section&nbsp;274 of the SFA or to a relevant person defined
in Section&nbsp;275(2)&nbsp;of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures
and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration
of not less than $200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for
in cash or by exchange of securities or other assets, and further for corporations, in accordance with the conditions, specified
in Section&nbsp;275 of the SFA;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">where no consideration is given for the transfer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">where the transfer is by operation of law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflict of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Canadian chartered bank affiliate of
Scotia Capital Inc. is a lender to the Company under the Credit Facility. Consequently, the Company may be considered a connected
issuer of Scotia Capital Inc. under applicable securities laws in certain Canadian provinces and territories.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&nbsp;31, 2019, the Company
had fully drawn down the Credit Facility. As of the date hereof, the Company is in compliance with all material terms of the agreements
governing the Credit Facility and none of the lenders under the Credit Facility has waived any breach by the Company thereunder
since the execution of the Credit Facility (with the exception of immaterial waivers given for specific covenants and administrative
matters in the ordinary course). The Credit Facility is secured by way of a pledge of shares of DMI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The decision to distribute the Offered
Shares hereunder and the determination of the terms of the distribution were made through arm&rsquo;s length negotiations between
the Company and the Lead Underwriters, on behalf of the Underwriters. The lenders under the Credit Facility did not have any involvement
in such decision or determination. None of the Underwriters will receive any direct benefit from the Offering other than receipt
of their respective share of the Underwriters&rsquo; Commission. However, the Company intends to use a portion of the net proceeds
of the Offering for general corporate purposes, which may include the reduction of future debt outstanding under the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a consequence of the Offering, Scotia
Capital Inc. will receive its share of the Underwriters&rsquo; Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_016"></A><FONT STYLE="text-transform: uppercase"><B>AGENT
FOR SERVICE OF PROCESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jun Gon Kim, a director of the Company,
resides outside of Canada and has appointed the following agent for service of process in Canada:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 30%; font-size: 10pt">Name of Person</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 68%; font-size: 10pt; text-align: center">Name and Address of Agent</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Jun Gon Kim, Director</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Blakes Vancouver Services Inc. c/o Blake, Cassels&nbsp;&amp; Graydon LLP Suite&nbsp;2600 &ndash; 595 Burrard Street, Vancouver, British Columbia, V7X 1L3, Canada </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchasers are advised that it may not
be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued
or otherwise organized under the laws of a foreign jurisdiction or that resides outside of Canada, even if the party has appointed
an agent for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_017"></A><FONT STYLE="text-transform: uppercase"><B>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters in connection with
the Offering will be passed upon on behalf of the Company by Blake, Cassels&nbsp;&amp; Graydon LLP, with respect to matters of
Canadian law, and Troutman Pepper Hamilton Sanders LLP, with respect to matters of U.S. law and on behalf of the Underwriters by
McMillan LLP. Certain legal matters of US law in connection with the Offering will be passed upon by Troutman Pepper Hamilton Sanders
LLP. As of the date of this Prospectus Supplement, the partners and associates of Blake, Cassels&nbsp;&amp; Graydon LLP, Troutman
Pepper Hamilton Sanders LLP and McMillan LLP beneficially own, directly or indirectly, in the aggregate less than 1% of the issued
and outstanding Common&nbsp;Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_018"></A><FONT STYLE="text-transform: uppercase"><B>INTEREST
OF EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The scientific and technical information
contained in the AIF, Annual MD&amp;A and the Interim MD&amp;A were reviewed and approved by David Bronkhorst, P.Eng. and Vice
President Operations of the Company and a &ldquo;Qualified Person&rdquo; as defined in NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal author of the technical report
entitled &ldquo;Prefeasibility Study Report for the Wheeler River Uranium Project, Saskatchewan, Canada&rdquo; dated October&nbsp;30,
2018 was Mark Liskowich, P.Geo. of SRK Consulting (Canada) Inc. (&ldquo;<B>SRK</B>&rdquo;), who is independent in accordance with
the requirements of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The technical report entitled &ldquo;Technical
Report with an Updated Mineral Resource Estimate for the Waterbury Lake Property, Northern Saskatchewan&rdquo; dated December&nbsp;21,
2018 was authored by Serdar Donmez, P.Geo.,E.I.T., Dale Verran, Pr.Sci.Nat., P.Geo., and Paul Burry, P.Geo. of Denison, Oy Leuangthong,
P.Eng, and Cliff Revering, P.Eng, of SRK, Allan Armitage, P.Geo, of SGS Geostat and Alan Sexton, P.Geo, of GeoVector Management
Inc. (&ldquo;<B>GeoVector</B>&rdquo;). Each of Messrs.&nbsp;Leuangthong, Revering, Armitaage and Sexton, and their respective firms,
are independent in accordance with the requirements of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Roscoe Postle Associates Inc. (&ldquo;<B>RPA</B>&rdquo;),
which was retained to independently review and audit the mineral reserves and mineral resources in accordance with the requirements
of NI 43-101, prepared the following technical reports: (a)&nbsp;the technical report entitled &ldquo;Technical Report on the Denison
Mines Inc. Uranium Properties, Saskatchewan, Canada&rdquo; dated November&nbsp;21, 2005, as revised February&nbsp;16, 2006 by Richard
E. Routledge, M.Sc., P.Geo. and James W. Hendry, P.Eng.; (b)&nbsp;the technical report entitled &ldquo;Technical Report on the
Mineral Resource Estimate for the McClean North Uranium Deposits, Saskatchewan&rdquo; dated January&nbsp;31, 2007 by Richard E.
Routledge, M.Sc., P.Geo.; and (c)&nbsp;the technical report entitled &ldquo;Technical Report on the Sue D Uranium Deposit Mineral
Resource Estimate, Saskatchewan, Canada&rdquo; dated March&nbsp;31, 2006 by Richard E Routledge, M.Sc., P.Geo. and James W. Hendry,
P.Eng.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The technical report entitled &ldquo;Technical
Report with an Updated Mineral Resource Estimate for the Midwest Property, Northern Saskatchewan, Canada&rdquo; dated March&nbsp;26,
2018 was authored by Dale Verran, MSc, Pr.Sci.Nat. and Chad Sorba, P.Geo, of the Company and G. David Keller, PGeo, formerly of
SRK, and Oy Leuangthong, PEng, of SRK. Each of Messrs.&nbsp;Keller and Leuangthong and SRK are independent in accordance with the
requirements of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the knowledge of Denison as of the date
hereof, each of Mr.&nbsp;Bronkhorst, RPA, GeoVector, SGS Geostat, and SRK and each of their respective partners, employees and
consultants who participated in the preparation of the aforementioned reports, or who were in a position to influence the outcome
of such reports, are the registered or beneficial owner, directly or indirectly, of less than one percent of the outstanding Common
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_019"></A><FONT STYLE="text-transform: uppercase"><B>INDEPENDENT
AUDITOR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Independent Registered
Public Accounting Firm for the fiscal year ended December&nbsp;31, 2019 is PricewaterhouseCoopers LLP, Chartered Professional Accountants,
Licensed Public Accountants, (&ldquo;<B>PwC</B>&rdquo;), located at 18 York Street, Suite&nbsp;2600, Toronto, Ontario, Canada,
M5J 0B2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PwC reports that they are independent from
the Company in accordance with the Code of Professional Conduct of the Chartered Professional Accountants of Ontario, and are independent
with respect to the Company within the meaning of the Securities Act of 1933 and the applicable rules&nbsp;and regulations thereunder
adopted by the SEC and PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As further described in notices filed on
SEDAR and EDGAR on October&nbsp;6, 2020, Denison has appointed KPMG LLP as its new auditor for the financial year ending December&nbsp;31,
2020. The appointment of KPMG LLP for the following financial year will be subject to approval at the next annual general meeting
of Denison&rsquo;s shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_020"></A><FONT STYLE="text-transform: uppercase"><B>TRANSFER
AGENT AND REGISTRAR</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s transfer agent and
registrar is Computershare Investor Services Inc., 100 University Avenue, 8<SUP>th</SUP> Floor, Toronto, Ontario, Canada M5J 2Y1
and 510 Burrard Street, 2<SUP>nd</SUP> Floor, Vancouver, British Columbia V6C 3B9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_023"></A><FONT STYLE="text-transform: uppercase"><B>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a company incorporated under the
OBCA. Some of our directors and officers, and the experts named in this Prospectus Supplement, are residents of Canada or otherwise
reside outside the United States, and all or a substantial portion of their assets may be, and a substantial portion of the Company&rsquo;s
assets are, located outside the United States. We have appointed an agent for service of process in the United States (as set forth
below), but it may be difficult for holders of securities who reside in the United States to effect service within the United States
upon those directors, officers and experts who are not residents of the United States. It may also be difficult for holders of
securities who reside in the United States to realize in the United States upon judgments of courts of the United States predicated
upon our civil liability and the civil liability of our directors, officers and experts under the United States federal securities
laws. We have been advised that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities
laws or the securities or &ldquo;blue sky&rdquo; laws of any state within the United States, would likely be enforceable in Canada
if the United States court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized
by a Canadian court for the same purposes. We have also been advised, however, that there is substantial doubt whether an action
could be brought in Canada in the first instance on the basis of the liability predicated solely upon U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC, concurrently
with our U.S. Registration Statement of which this Prospectus Supplement and Prospectus is a part, an appointment of agent for
service of process on Form&nbsp;F-X. Under the Form&nbsp;F-X, we appointed C T Corporation System, 28 Liberty Street, New York,
New York 10005, as our agent for service of process in the United States in connection with any investigation or administrative
proceeding conducted by the SEC, and any civil suit or action brought against or involving us in a U.S. court arising out of or
related to or concerning the offering of securities under this Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><I>This short form prospectus
is a base shelf prospectus. This short form prospectus has been filed under legislation in each of the provinces of Canada that
permits certain information about these securities to be determined after this prospectus has become final and that permits the
omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement
containing the omitted information within a specified period of time after agreeing to purchase any of these securities.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information contained herein is subject
to completion or amendment. A registration statement relating to these securities has been filed with the United States Securities
and Exchange Commission but is not yet effective. These securities may not be sold nor may offers to buy be accepted prior to the
time the registration statement becomes effective. This prospectus shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such state.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No securities regulatory authority
has expressed an opinion about these securities and it is an offence to claim otherwise. This short form prospectus constitutes
a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only
by persons permitted to sell such securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information has been incorporated
by reference in this short form base shelf prospectus from documents filed with securities commissions or similar authorities
in Canada. </I></B><I>Copies of the documents incorporated herein by reference may be obtained on request without charge from
the Corporate Secretary of Denison Mines Corp,, at 40 University Avenue, Suite 1100, Toronto, Ontario, M5J 1T1, telephone: 416-979-1991
and are also available electronically at <FONT STYLE="color: Blue"><U>www.sedar.com</U></FONT>. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SHORT FORM
BASE SHELF PROSPECTUS</B><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; width: 50%; text-align: left">New Issue</TD><TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; width: 49%"><B>June 2, 2020</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DENISON MINES CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="logo.jpg" ALT="" STYLE="height: 77px; width: 380px"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">C$175,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Subscription Receipts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Debt Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Share Purchase Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus relates to the offering
for sale from time to time, during the 25-month period that this prospectus, including any amendments hereto, remains effective,
of the securities of Denison Mines Corp. (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>Denison</B>&rdquo;) listed above in one
or more series, issuances or sales of outstanding securities, with a total offering price of such securities, in the aggregate,
of up to C$175,000,000 (or the equivalent thereof in United States dollars or one or more foreign currencies or composite currencies).
The securities may be sold by the Company. The securities may be offered separately or together, in amounts, at prices and on terms
to be determined based on market conditions at the time of the sale and set forth in an accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common shares of the Company
(the &ldquo;<B>Common Shares</B>&rdquo;) are listed for trading on the Toronto Stock Exchange (the &ldquo;<B>TSX</B>&rdquo;)
under the symbol &ldquo;DML&rdquo; and listed on the NYSE American LLC (&ldquo;<B>NYSE American</B>&rdquo;) under the symbol
 &ldquo;DNN&rdquo;. On June 1, 2020, being the last full trading day prior to the date hereof the closing price of the Common
Shares on the TSX was C$0.56 and on the NYSE American was US$0.41. Unless otherwise specified in an applicable prospectus
supplement, any subscription receipts, units, debt securities, share purchase contracts and warrants we may issue will not be
listed on any securities or stock exchange or on any automated dealer quotation system. <B>There is currently no market
through which these securities, other than our Common Shares, may be sold and purchasers may not be able to resell such
securities purchased under this short form prospectus. This may affect the pricing of our securities, other than our Common
Shares, in the secondary market, the transparency and availability of trading prices, the liquidity of these securities and
the extent of issuer regulation. See &ldquo;<I>Risk Factors</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No underwriter or agent has been involved
in the preparation of this prospectus or performed any review of the contents of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All applicable information permitted
under securities legislation to be omitted from this prospectus that has been so omitted will be contained in one or more prospectus
supplements that will be delivered to purchasers together with this prospectus. Each prospectus supplement will be incorporated
by reference into this prospectus for the purposes of securities legislation as of the date of the prospectus supplement and only
for the purposes of the distribution of the securities to which the prospectus supplement pertains. You should read this prospectus
and any applicable prospectus supplement carefully before you invest in any securities issued pursuant to this prospectus. The
Company&rsquo;s securities may be sold pursuant to this prospectus through underwriters or dealers or directly or through agents
designated from time to time at amounts and prices and other terms determined by the Company from time to time, or by the Company
directly pursuant to applicable statutory exemptions. In connection with any underwritten offering of securities, the underwriters
may over-allot or effect transactions which stabilize or maintain the market price of the securities offered. Such transactions,
if commenced, may discontinue at any time. A purchaser who acquires securities forming part of the underwriters&rsquo; over-allocation
position acquires those securities under this short form prospectus, regardless of whether the over-allocation position is ultimately
filled through the exercise of the over-allotment option or secondary market purchases. See &ldquo;<I>Plan of Distribution</I>&rdquo;.
A prospectus supplement will set out the names of any underwriters, dealers or agents involved in the sale of our securities,
the amounts, if any, to be purchased by underwriters, the plan of distribution for such securities, including the anticipated
net proceeds to the Company from the sale of such securities, the amounts and prices at which such securities are sold and, if
applicable, the compensation of such underwriters, dealers or agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment in the securities being offered
is highly speculative and involves significant risks that you should consider before purchasing such securities. You should carefully
review the risks outlined in this prospectus (including any prospectus supplement) and in the documents incorporated by reference
as well as the information under the heading &ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&rdquo; and consider
such risks and information in connection with an investment in the securities. See &ldquo;<I>Risk Factors</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this prospectus in
accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements
are different from those of the United States. Financial statements included or incorporated by reference herein have been prepared
in accordance with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued by the International Accounting Standards
Board and are audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;),
however, are also subject to Canadian auditing and auditor independence standards and thus may not be comparable to financial statements
of United States companies.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Owning our securities may subject you
to tax consequences both in Canada and the United States. Such tax consequences are not fully described in this prospectus and
may not be fully described in any applicable prospectus supplement. You should read the tax discussion in any prospectus supplement
with respect to a particular offering and consult your own tax advisor with respect to your own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Your ability to enforce civil liabilities
under the U.S. federal securities laws may be affected adversely because we are incorporated under the laws of Canada, some of
our officers and directors and some or all of the experts named in this prospectus are Canadian residents, and the underwriters,
dealers or agents named in any prospectus supplement may be residents of a country other than the United States, and a substantial
portion of our assets are located outside of the United States.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE U.S. SECURITIES AND EXCHANGE
COMMISSION (THE &ldquo;SEC&rdquo;), NOR ANY STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED THE SECURITIES OFFERED HEREBY
OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered and head office of Denison
is located at 1100 &ndash; 40 University Avenue, Toronto, Ontario, M5J 1T1, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jun Gon Kim, a director of the Company,
resides outside of Canada and has appointed Blakes Vancouver Services Inc., c/o Blake, Cassels &amp; Graydon LLP, 595 Burrard Street,
P.O. Box 49314, Suite 2600, Three Bentall Centre, Vancouver, British Columbia, V7X 1L3, Canada as the agent for service of process
in Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any
person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside
of Canada, even if the party has appointed an agent for service of process. See &ldquo;<I>Agent for Service of Process&rdquo;.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should rely only on the information
contained in or incorporated by reference into this prospectus and any applicable prospectus supplement. We have not authorized
anyone to provide investors with different information. Information contained on our website shall not be deemed to be a part of
this prospectus (including any applicable prospectus supplement) or incorporated by reference and should not be relied upon by
prospective investors for the purpose of determining whether to invest in the securities. We will not make an offer of these securities
in any jurisdiction where the offer or sale is not permitted. Investors should not assume that the information contained in this
prospectus is accurate as of any date other than the date on the face page of this prospectus, the date of any applicable prospectus
supplement, or the date of any documents incorporated by reference herein. The Company&rsquo;s business, operating results, financial
condition and prospects may have changed since the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#about">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#about">1</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#cautionarynoteotus">CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENTS AND ESTIMATES OF MEASURED, INDICATED AND INFERRED
MINERAL RESOURCES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#cautionarynoteotus">1</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#cautionary">CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#cautionary">2</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#documents">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#documents">5</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#documentsfiledaspart">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD>
    <TD STYLE="text-align: right"><A HREF="#documentsfiledaspart">6</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#financial">FINANCIAL AND EXCHANGE RATE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#financial">6</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#thecompany">THE COMPANY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#thecompany">7</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#riskfactors">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#riskfactors">11</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#useofproceeds">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#useofproceeds">24</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#consolidatedcapitalization">CONSOLIDATED CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#consolidatedcapitalization">24</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#priorsales">PRIOR SALES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#priorsales">24</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#tradingprice">TRADING PRICE AND VOLUME</A></TD>
    <TD STYLE="text-align: right"><A HREF="#tradingprice">25</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofsharecapital">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofsharecapital">25</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofsubscriptionreceipts">DESCRIPTION OF SUBSCRIPTION RECEIPTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofsubscriptionreceipts">25</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofunits">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofunits">27</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofdebtsecurities">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofdebtsecurities">28</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofsharepurchase">DESCRIPTION OF SHARE PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofsharepurchase">35</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#descriptionofwarrants">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#descriptionofwarrants">36</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#certainincometaxconsiderations">CERTAIN INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#certainincometaxconsiderations">37</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#materialunitedstatesfederalincome">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
    FOR U.S. HOLDERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#materialunitedstatesfederalincome">38</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#planofdistribution">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#planofdistribution">42</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#agentforserviceofprocess">AGENT FOR SERVICE OF PROCESS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#agentforserviceofprocess">43</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#legalmatters">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#legalmatters">43</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#auditortransferagent">AUDITOR, TRANSFER AGENT AND REGISTRAR</A></TD>
    <TD STYLE="text-align: right"><A HREF="#auditortransferagent">44</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#interestofexperts">INTEREST OF EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#interestofexperts">44</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#whereyoucanfindmoreinfo">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#whereyoucanfindmoreinfo">44</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#enforoce">ENFORCEABILITY OF CIVIL LIABILITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#enforoce">45</A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#statutory">STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#statutory">45</A></TD></TR>

</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&#8239;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="about"></A>ABOUT THIS
PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information
contained or incorporated by reference in this prospectus or any applicable prospectus supplement and on the other information
included in any registration statement of which this prospectus forms a part. We have not authorized anyone to provide you with
different or additional information. If anyone provides you with different or additional information, you should not rely on it.
We are not making an offer to sell or seeking an offer to buy the securities offered pursuant to this prospectus in any jurisdiction
where the offer or sale is not permitted. You should assume that the information contained in this prospectus or any applicable
prospectus supplement is accurate only as of the date on the front of those documents and that information contained in any document
incorporated by reference is accurate only as of the date of that document, regardless of the time of delivery of this prospectus
or any applicable prospectus supplement or of any sale of our securities pursuant thereto. Our business, financial condition, results
of operations and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Market data and certain industry forecasts
used in this prospectus or any applicable prospectus supplement and the documents incorporated by reference in this prospectus
or any applicable prospectus supplement were obtained from market research, publicly available information and industry publications.
We believe that these sources are generally reliable, but the accuracy and completeness of this information is not guaranteed.
We have not independently verified such information, and we do not make any representation as to the accuracy of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this prospectus and in any prospectus
supplement, unless the context otherwise requires, references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; or similar
terms, as well as references to &ldquo;Denison&rdquo; or the &ldquo;Company&rdquo;, refer to Denison Mines Corp. together with
our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration
statement on Form F-10 (the&nbsp;&ldquo;<B>U.S. Registration Statement</B>&rdquo;) relating to the securities that the Company
has filed or will file with the SEC. Under the U.S. Registration Statement, the Company may, from time to time, sell securities
described in this prospectus in one or more offerings up to an aggregate offering amount of $175,000,000. This prospectus, which
constitutes part of the U.S. Registration Statement, provides you with a general description of the securities that the Company
may offer. Each time the Company sells securities under the U.S. Registration Statement, it will provide a prospectus supplement
that will contain specific information about the terms of that offering of securities. A prospectus supplement may also add, update
or change information contained in this prospectus. Before you invest, you should read both this prospectus and any applicable
prospectus supplement together with additional information described under the heading &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;.&nbsp;<B>This
prospectus does not contain all of the information set forth in the U.S. Registration Statement, certain parts of which are omitted
in accordance with the rules and regulations of the SEC, or the schedules or exhibits that are part of the U.S. Registration Statement.
Investors in the United States should refer to the U.S. Registration Statement and the exhibits thereto for further information
with respect to the Company and the securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="cautionarynoteotus"></A>CAUTIONARY
NOTE TO UNITED STATES INVESTORS CONCERNING DISCLOSURE REQUIREMENTS AND ESTIMATES OF MEASURED, INDICATED AND INFERRED MINERAL RESOURCES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are permitted under a multijurisdictional
disclosure system adopted by the securities regulatory authorities in Canada and the United States to prepare this prospectus in
accordance with the disclosure requirements of Canada. Prospective investors in the United States should be aware that such requirements
are different from those of the United States. Financial statements included or incorporated by reference herein have been prepared
in accordance with IFRS as issued by the International Accounting Standards Board and are audited in accordance with the standards
of PCAOB, however, are also subject to Canadian auditing and auditor independence standards and thus may not be comparable to financial
statements of United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to the reporting
requirements of the applicable Canadian securities laws, and as a result reports the mineral reserves and mineral resources of
the projects it has an interest in according to Canadian standards. Technical disclosure regarding our properties included herein
and in the documents incorporated herein by reference has not been prepared in accordance with the requirements of U.S. securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms &ldquo;mineral reserve&rdquo;,
 &ldquo;proven mineral reserve&rdquo; and &ldquo;probable mineral reserve&rdquo; are Canadian mining terms as defined in accordance
with National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral Projects</I> (&ldquo;NI 43-101&rdquo;), which references
the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the &ldquo;<B>CIM</B>&rdquo;) &ndash; CIM
Definition Standards on Mineral Resources and Mineral Reserves (&ldquo;<B>CIM Standards</B>&rdquo;), adopted by the CIM Council,
as amended. These definitions differ from the definitions in Industry Guide 7 (&ldquo;<B>Industry Guide 7</B>&rdquo;) under the
United States Securities Act of 1933, as amended (the &ldquo;<B>U.S. Securities Act</B>&rdquo;). Under Industry Guide 7, mineralization
may not be classified as a &ldquo;reserve&rdquo; unless the determination has been made that the mineralization could be economically
and legally produced or extracted at the time of the reserve determination. Under Industry Guide 7 standards, a &ldquo;final&rdquo;
or &ldquo;bankable&rdquo; feasibility study is required to report reserves, the three-year historical average price is used in
any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the
appropriate governmental authority. Denison has not prepared a feasibility study for the purposes of NI 43-101 or the requirements
of the SEC in connection with its probable mineral reserves disclosure, and therefore such mineral reserve disclosure is not comparable
to information from U.S. companies subject to the reporting and disclosure requirements of the SEC. Further, until recently, the
SEC has not recognized the reporting of mineral deposits which do not meet the Industry Guide 7 definition of &ldquo;reserve&rdquo;.
In addition, the terms &ldquo;mineral resource&rdquo;, &ldquo;measured mineral resource&rdquo;, &ldquo;indicated mineral resource&rdquo;
and &ldquo;inferred mineral resource&rdquo; are defined in and required to be disclosed by NI 43-101; however, these terms are
not defined terms under Industry Guide 7 and, until recently, have not been permitted to be used in reports and registration statements
filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC adopted amendments to its disclosure
rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under
the United States Securities Exchange Act of 1934, as amended (the &ldquo;<B>U.S. Exchange Act</B>&rdquo;). These amendments became
effective February 25, 2019 (the &ldquo;<B>SEC Modernization Rules</B>&rdquo;) with compliance required for the first fiscal year
beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants
that were included in SEC Industry Guide 7, which will be rescinded from and after the required compliance date of the SEC Modernization
Rules. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of &ldquo;measured mineral
resources&rdquo;, &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo;. In addition, the SEC
has amended its definitions of &ldquo;proven mineral reserves&rdquo; and &ldquo;probable mineral reserves&rdquo; to be &ldquo;substantially
similar&rdquo; to the corresponding definitions under the CIM Standards, as required under NI 43-101. Accordingly, during the period
leading up to the compliance date of the SEC Modernization Rules, information regarding mineral resources or mineral reserves contained
or referenced in the financial statements included or incorporated by reference herein may not be comparable to similar information
made public by United States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States investors are cautioned that
there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance
any mineral reserves or mineral resources that the Company may report as &ldquo;proven mineral reserves&rdquo;, &ldquo;probable
mineral reserves&rdquo;, &ldquo;measured mineral resources&rdquo;, &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred
mineral resources&rdquo; under NI 43-101 would be the same had the Company prepared the reserve or resource estimates under the
standards adopted under the SEC Modernization Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States investors are also cautioned
that while the SEC will now recognize &ldquo;indicated mineral resources&rdquo; and &ldquo;inferred mineral resources&rdquo;, investors
should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category
of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as
to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, prospective investors
are cautioned not to assume that any &ldquo;indicated mineral resources&rdquo; or &ldquo;inferred mineral resources&rdquo; that
the Company reports are or will be economically or legally mineable. Further, &ldquo;inferred mineral resources&rdquo; have a greater
amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States
investors are also cautioned not to assume that all or any part of the &ldquo;inferred mineral resources&rdquo; exist. In accordance
with Canadian securities laws, estimates of &ldquo;inferred mineral resources&rdquo; cannot form the basis of feasibility or other
economic studies, except in limited circumstances where permitted under NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, information included or incorporated
by reference herein containing descriptions of the Company&rsquo;s mineral deposits may not be comparable to similar information
made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws
and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="cautionary"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain information contained in this prospectus
and the documents incorporated by reference herein concerning the business, operations and financial performance and condition
of Denison constitutes forward-looking information within the meaning of the United States <I>Private Securities Litigation Reform
Act of 1995</I> and similar Canadian legislation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, the use of words and phrases
like &ldquo;plans&rdquo;, &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;, &ldquo;budget&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;estimates&rdquo;,
 &ldquo;forecasts&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;, or &ldquo;believes&rdquo;, or the negatives and/or variations
of such words and phrases, or statements that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;,
 &ldquo;might&rdquo; or &ldquo;will&rdquo; &ldquo;be taken&rdquo;, &ldquo;occur&rdquo;, &ldquo;be achieved&rdquo; or &ldquo;has
the potential to&rdquo; and similar expressions are intended to identify forward-looking information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking information involves known
and unknown risks, uncertainties, material assumptions and other factors that may cause actual results or events to differ materially
from those expressed or implied by such forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison believes that the expectations
and assumptions reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations
will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the
date of this prospectus, and Denison will not necessarily update this information, unless required to do so by securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Examples of Forward-Looking Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference herein contain forward-looking information in a number of places, including statements pertaining to Denison&rsquo;s:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding the ability to raise capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">operational outlook, including exploration, evaluation and development plans and objectives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">plans for capital expenditure programs, exploration and development expenditures and reclamation
costs and timing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">results of its Wheeler River Pre-Feasibility Study, including expected capital and operating costs,
and plans with respect to the environmental assessment and Feasibility Study process;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding the process for and receipt of regulatory approvals, permits and licenses
under governmental and other applicable regulatory regimes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates of its mineral reserves and mineral resources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the realization of mineral reserve and mineral resource estimates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations about 2020 and future market prices, production costs and global uranium supply and
demand;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding ongoing joint arrangements and Denison&rsquo; share of the same;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding additions to its mineral reserves and resources through acquisitions and
exploration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding the toll milling of Cigar Lake ores, and the relationships with its contractual
partners with respect thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">future royalty and tax payments and rates; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expectations regarding possible impacts of litigation and regulatory actions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Statements relating to &ldquo;mineral resources&rdquo;
are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions
that the mineral resources described can be profitably produced in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Material Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's actual results could differ materially
from those anticipated. Management has identified the following risk factors which could have a material impact on the Company
or the trading price of its Common Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the capital intensive nature of mining industry and the uncertainty of funding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">global financial conditions, including market reaction to COVID-19;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the COVID-19 outbreak;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the speculative nature of exploration and development projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the imprecision of mineral reserve and mineral resource estimates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risks of, and market impacts on, developing mineral properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with the selection of novel mining methods, including the Company&rsquo;s proposed
use of the in-situ recovery uranium mining method;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Denison has a history of negative operating cash flow, which may continue into the future;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on obtaining licenses, and other regulatory and policy risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding engagement with Canada&rsquo;s First Nations and M&eacute;tis;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">environment, health and safety risks;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">global demand and international trade restrictions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact of uranium price volatility on the valuation of Denison&rsquo;s mineral reserves and
mineral resources and the market price of its Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding public acceptance of nuclear energy and competition from other energy sources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility in the market price of the Company&rsquo;s Common Shares;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 39 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&#8239;</DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of dilution from future equity financings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence on other operators of the Company&rsquo;s projects;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reliance on contractors, experts, auditors and other third parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of failure to realize benefits from transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of Denison&rsquo;s inability to exploit, expand and replace its mineral reserves and mineral
resources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competition for properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risk of challenges to property title and/or contractual interests in Denison&rsquo;s properties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of failure by Denison to meet its obligations to its creditors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change of control restrictions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty as to reclamation and decommissioning liabilities and timing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential for technical innovation rendering Denison&rsquo;s products and services obsolete;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">liabilities inherent in mining operations and the adequacy of insurance coverage;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability of Denison to ensure compliance with anti-bribery and anti-corruption laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the uncertainty regarding risks posed by climate change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the reliance of the Company on its information systems and the risk of cyberattacks on those systems;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">dependence
                                         on key personnel, including the ability to keep essential operational staff in place
                                         as a result of COVID-19 pandemic;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential conflicts of interest for the Company&rsquo;s directors who are engaged in similar businesses;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations of disclosure and internal controls;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the potential influence of Denison&rsquo;s largest Shareholder, Korea Electric Power Corporation
(&ldquo;<B>KEPCO</B>&rdquo;) and its subsidiary, Korea Hydro &amp; Nuclear Power (&ldquo;<B>KHNP</B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility in the market price of the Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with future sales of Common Shares by existing shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk of dilution from future equity or debt financings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with the Company&rsquo;s use of proceeds from the sale of its securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the history of the Company with respect to not paying dividends and anticipation of not paying
dividends in the foreseeable future;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">absence of a market through which the Company&rsquo;s securities, other than Common Shares, may
be sold;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to dilution to existing shareholders if stock options or share purchase warrants
are exercised; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the liquidity of the Common Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The risk factors listed above are discussed
in more detail later in this prospectus (see &ldquo;<I>Risk Factors</I>&rdquo;). The risk factors discussed in this prospectus
are not, and should not be construed as being, exhaustive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Material assumptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward looking statements in this
prospectus and the documents incorporated by reference herein are based on material assumptions, including the following, which
may prove to be incorrect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our budget, including expected levels of exploration, evaluation and operations activities and
costs, as well as assumptions regarding market conditions and other factors upon which we have based our income and expenditure
expectations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">assumptions regarding the timing and use of our cash resources;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to, and the means by which we can, raise additional capital to advance other exploration
and development objectives;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">financial
                                         markets will not in the long term be adversely impacted by the COVID-19 pandemic;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our operations and key suppliers are essential services, and our employees, contractors and subcontractors
will be available to continue operations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to obtain all necessary regulatory approvals, permits and licenses for our planned
activities under governmental and other applicable regulatory regimes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding the demand for, and supply of, uranium, the outlook for long-term contracting,
changes in regulations, public perception of nuclear power, and the construction of new and ongoing operation of existing nuclear
power plants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding spot prices and realized prices for uranium;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding tax rates, currency exchange rates, and interest rates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our decommissioning and reclamation obligations and the status and ongoing maintenance of agreements
with third parties with respect thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our mineral reserve and resource estimates, and the assumptions upon which they are based;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 40 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&#8239;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our, and our contractors&rsquo;, ability to comply with current and future environmental, safety
and other regulatory requirements and to obtain and maintain required regulatory approvals; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our operations are not significantly disrupted by political instability, nationalization, terrorism,
sabotage, pandemics, social or political activism, breakdown, natural disasters, governmental or political actions, litigation
or arbitration proceedings, equipment or infrastructure failure, labour shortages, transportation disruptions or accidents, or
other development or exploration risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="documents"></A>DOCUMENTS
INCORPORATED BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information has been incorporated by
reference in this prospectus from documents filed with securities commissions or similar authorities in Canada. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the documents incorporated herein
by reference may be obtained on request without charge from the Corporate Secretary of Denison at 40 University Avenue, Suite 1100,
Toronto, Ontario, M5J 1T1, Canada, telephone: 416-979-1991 or by accessing the disclosure documents through the Internet on the
Canadian System for Electronic Document Analysis and Retrieval (&ldquo;<B>SEDAR</B>&rdquo;), at www.sedar.com. Documents filed
with, or furnished to, the SEC are available through the SEC&rsquo;s Electronic Data Gathering and Retrieval System, or EDGAR,
at www.sec.gov. Our filings through SEDAR and EDGAR are not incorporated by reference in this prospectus except as specifically
set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents, filed with
the securities commissions or similar regulatory authorities in certain provinces and each of the territories of Canada and filed
with, or furnished to, the SEC are specifically incorporated by reference into, and form an integral part of, this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the annual information form for the fiscal year ended December 31, 2019, dated as of March 13, 2020 (the &ldquo;<B>AIF</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the audited annual consolidated financial statements of the Company as at and for the years ended December 31, 2019 and 2018, together with the notes thereto, management&rsquo;s report on internal control over financial reporting, and the report of Independent Registered Public Accounting Firm thereon (the &ldquo;<B>Annual Financial Statements</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">management&rsquo;s discussion and analysis of financial condition and results of operations of the Company for the year ended December 31, 2019, dated March 5, 2020 (the &ldquo;<B>Annual MD&amp;A</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the unaudited interim consolidated financial statements of the Company as at March 31, 2020 and for the three months ended March 31, 2020 and 2019, together with the notes thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">management&rsquo;s discussion and analysis of financial condition and results of operations of the Company as at March 31, 2020 and for the three months ended March 31, 2020 and 2019, dated May 6, 2020 (the &ldquo;<B>Interim MD&amp;A</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         management information circular of the Company dated May 12, 2020 regarding the annual
                                         general meeting of shareholders of the Company to be held on June 25, 2020;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material change report dated March 23, 2020 regarding the Company&rsquo;s announcement of a temporary suspension of activities related to the environmental assessment for the Wheeler River project and other discretionary activities;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material change report dated March 31, 2020 regarding the Company&rsquo;s announcement of an overnight marketed public offering of Common Shares for minimum gross proceeds of US$4.0 million.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any documents of the type described in
Section 11.1 of Form 44-101F1 &ndash; <I>Short Form Prospectus </I>(&ldquo;<B>Form 44-101F1</B>&rdquo;) filed by the Company with
a securities commission or similar authority in any province of Canada subsequent to the date of this prospectus and prior to the
expiry of this prospectus, or the completion of the issuance of securities pursuant hereto, will be deemed to be incorporated by
reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any template version of any &ldquo;marketing
materials&rdquo; (as such term is defined in National Instrument 44-101 &ndash; <I>Short Form Prospectus Distributions </I>(&ldquo;<B>NI
44-101</B>&rdquo;)) filed by the Company after the date of a prospectus supplement and before the termination of the distribution
of the securities offered pursuant to such prospectus supplement (together with this prospectus) is deemed to be incorporated by
reference in such prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent that any document
or information incorporated by reference into this prospectus is included in any report on Form 6-K, Form 40-F or Form 20-F (or
any respective successor form) that is filed with or furnished to the SEC after the date of this prospectus, such document or information
shall be deemed to be incorporated by reference as an exhibit to the U.S. Registration Statement of which this prospectus forms
a part. In addition, the Company may incorporate by reference into this prospectus, or the U.S. Registration Statement of which
it forms a part, other information from documents that the Company will file with or furnish to the SEC pursuant to Section 13(a)
or 15(d) of the U.S. Exchange Act, if and to the extent expressly provided therein. A prospectus supplement containing the specific
terms of any offering of our securities will be delivered to purchasers of our securities together with this prospectus and will
be deemed to be incorporated by reference in this prospectus as of the date of the prospectus supplement and only for the purposes
of the offering of our securities to which that prospectus supplement pertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this prospectus
or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained herein, in any prospectus supplement hereto or in any
other subsequently filed document that also is or is deemed to be incorporated by reference herein, modifies or supersedes such
statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include
any other information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement
is not to be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation,
an untrue statement of material fact or an omission to state a material fact that is required to be stated or is necessary to make
a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded will not
be deemed, except as so modified or superseded, to constitute a part of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon our filing of a new annual information
form and the related annual financial statements and management&rsquo;s discussion and analysis with applicable securities regulatory
authorities during the duration of this prospectus, the previous annual information form, the previous annual financial statements
and management&rsquo;s discussion and analysis and all interim financial statements, supplemental information, material change
reports and information circulars filed prior to the commencement of our financial year in which the new annual information form
is filed will be deemed no longer to be incorporated into this prospectus for purposes of future offers and sales of our securities
under this prospectus. Upon interim consolidated financial statements and the accompanying management&rsquo;s discussion and analysis
and material change report being filed by us with the applicable securities regulatory authorities during the duration of this
prospectus, all interim consolidated financial statements and the accompanying management&rsquo;s discussion and analysis filed
prior to the new interim consolidated financial statements shall be deemed no longer to be incorporated into this prospectus for
purposes of future offers and sales of securities under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References to our website in any documents
that are incorporated by reference into this prospectus do not incorporate by reference the information on such website into this
prospectus, and we disclaim any such incorporation by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="documentsfiledaspart"></A>DOCUMENTS
FILED AS PART OF THE REGISTRATION STATEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following documents have been or will
be filed with the SEC as part of the registration statement of which this prospectus forms a part: (i)&nbsp;the documents listed
under the heading &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;; (ii)&nbsp;powers of attorney from our directors and
officers included on the signature pages of the registration statement; (iii)&nbsp;the consent of PricewaterhouseCoopers LLP; (iv)
the consent of each &ldquo;qualified person&rdquo; for the purposes of NI 43-101 listed on the Exhibit Index of the registration
statement; and (v) the form of debt indenture. A copy of the form of warrant indenture or warrant agency agreement, subscription
receipt agreement or statement of eligibility of trustee on Form T-1, as applicable, will be filed by post-effective amendment
or by incorporation by reference to documents filed or furnished with the SEC under the U.S. Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><A NAME="financial"></A>FINANCIAL
AND EXCHANGE RATE INFORMATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual consolidated financial statements
of the Company incorporated by reference in this prospectus have been prepared in accordance with IFRS as issued by the International
Accounting Standards Board (IASB) and are reported in Canadian dollars. They may not be comparable to financial statements of United
States companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all references
to &ldquo;$&rdquo;, &ldquo;C$&rdquo; or &ldquo;dollars&rdquo; in this prospectus refer to Canadian Dollars. References to &ldquo;US$&rdquo;
or &ldquo;U.S.$&rdquo; in this prospectus refer to U.S. Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&#8239;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth (i) the
rate of exchange for the U.S. dollar, expressed in Canadian dollars, in effect at the end of the periods indicated; (ii) the average
exchange rates for the U.S. dollar, expressed in Canadian dollars, during such periods; and (iii) the high and low exchange rates
for the U.S. dollar, expressed in Canadian dollars, during such periods, each based on the daily rate of exchange as reported by
the Bank of Canada for the conversion of one U.S. dollar into Canadian dollars:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">US$ to C$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">US$ to C$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Fiscal Year Ended December 31</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">3 Months Ended March 31</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2019</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2018</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2020</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Rate at the end of period</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.2988</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.3642</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.4187</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.3363</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Average rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3269</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2957</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3349</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3295</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Highest rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3642</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.4496</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Lowest rate during period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2988</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2288</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.2970</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.3095</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The daily average exchange rate on
June 1, 2020 as reported by the Bank of Canada for the conversion of U.S. dollars into Canadian dollars was US$1.00 equals C$1.3630
(C$1.00 = US$0.7337).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="thecompany"></A>THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following description of the Company
is, in some instances, derived from selected information about us contained in the documents incorporated by reference into this
prospectus. This description does not contain all of the information about us and our properties and business that you should consider
before investing in any securities. You should carefully read the entire prospectus and the applicable prospectus supplement, including
the section titled &ldquo;Risk Factors&rdquo; that immediately follows this description of the Company, as well as the documents
incorporated by reference into this prospectus and the applicable prospectus supplement, before making an investment decision.
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Name, Address and Incorporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison was formed by articles of amalgamation
as International Uranium Corporation (&ldquo;<B>IUC</B>&rdquo;) effective May 9, 1997 pursuant to the <I>Business Corporations
Act</I> (Ontario) (the &ldquo;<B>OBCA</B>&rdquo;). On December 1, 2006, IUC combined its business and operations with Denison Mines
Inc. (&ldquo;<B>DMI</B>&rdquo;), by plan of arrangement under the OBCA (the &ldquo;<B>IUC Arrangement</B>&rdquo;). Pursuant to
the IUC Arrangement, all of the issued and outstanding shares of DMI were acquired in exchange for IUC&rsquo;s shares. Effective
December 1, 2006, IUC&rsquo;s articles were amended to change its name to &ldquo;Denison Mines Corp.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through its 2013 acquisitions of JNR Resources
Inc. (&ldquo;<B>JNR</B>&rdquo;), Fission Energy Corp. (&ldquo;<B>Fission</B>&rdquo;) and Rockgate Capital Corp. and its 2014 acquisition
of International Enexco Limited, Denison increased its project portfolio in Canada, primarily in the Athabasca Basin region in
northern Saskatchewan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2015 and 2016, Denison completed transactions
to further its objective of focusing its business on the Company&rsquo;s core assets in the Athabasca Basin region, completing
the sale of its interest in the Gurvan Saihan Joint Venture (&ldquo;<B>GSJV</B>&rdquo;) in Mongolia to Uranium Industry a.s. (&ldquo;<B>UI</B>&rdquo;)
in 2015 (the &ldquo;<B>Mongolia Transaction</B>&rdquo;) and completing a transaction with GoviEx Uranium Inc. (&ldquo;<B>GoviEx</B>&rdquo;)
in 2016 to combine their respective African uranium mineral interests, with GoviEx acquiring Denison&rsquo;s uranium mineral interests
in Zambia, Mali and Namibia (the &ldquo;<B>Africa Transaction</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered and head office of Denison
is located at 1100 &ndash; 40 University Avenue, Toronto, Ontario, M5J 1T1, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a reporting issuer in all
of the provinces of Canada. The Company&rsquo;s Common Shares are listed on the TSX under the symbol &ldquo;DML&rdquo; and the
NYSE American under the symbol &ldquo;DNN&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has five active subsidiaries:
(i) Denison Mines Inc., which was incorporated under the laws of Ontario; (ii) Denison AB Holdings Corp., which was incorporated
under the laws of British Columbia; (iii) Denison Waterbury Corp., which was incorporated under the laws of Ontario, through which
the Company holds its interests in Waterbury Lake Uranium Corp. and Waterbury Lake Uranium LP, which were acquired by Denison as
part of the Fission acquisition in April 2013; (iv) 9373721 Canada Inc., which was incorporated under the laws of Canada; and (v)
Denison Mines (Bermuda) I Ltd., which was incorporated under the laws of Bermuda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inter-Corporate Relationships</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below illustrates the Company&rsquo;s
inter-corporate relationships of its active subsidiaries as at the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2032653d1_supplimg002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Denison
Asset Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Uranium Exploration and Development
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s uranium exploration properties
are principally held directly by the Company or indirectly through DMI, Denison Waterbury Corp. and Denison AB Holdings Corp. Denison&rsquo;s
key assets in the Athabasca Basin in Northern Saskatchewan are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A 90% interest in, and operator of, the Wheeler River project, which is host to the Phoenix and
Gryphon uranium deposits &ndash; together representing the largest undeveloped uranium project in the infrastructure rich eastern
portion of the Athabasca Basin region.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A 66.57% interest in, and operator of, the Waterbury Lake project, which includes the J Zone and
Huskie uranium deposits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A 22.50% interest in the McClean Lake uranium processing facility and uranium deposits, through
its interest in the McClean Lake Joint Venture (&ldquo;<B>MLJV</B>&rdquo;) operated by Orano Canada Inc. (&ldquo;<B>Orano Canada</B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A 25.17% interest in the Midwest uranium project, operated by Orano Canada, which is host to the
Midwest Main and Midwest A deposits.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An extensive portfolio of exploration properties in the Athabasca Basin.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Services </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates cash flow through
the following areas of its business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Management of Uranium Participation Corporation (&ldquo;<B>UPC</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Pursuant to a management services
agreement, DMI serves as the manager of UPC, a publicly-traded company listed on the TSX under the symbol &ldquo;U&rdquo;, which
invests in uranium oxide in concentrates (U<SUB>3</SUB>O<SUB>8</SUB>) and uranium hexafluoride (UF<SUB>6</SUB>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.45pt"></TD><TD STYLE="width: 17.55pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Closed Mines division of DMI (formerly Denison Environmental Services)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">DMI provides mine care &amp;
maintenance, decommissioning, environmental and other services to select third party customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Toll Milling</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison is a party to a toll-milling arrangement
through its 22.50% interest in the MLJV, whereby ore is processed for the Cigar Lake Joint Venture at the McClean Lake processing
facility (the &ldquo;<B>Cigar Toll Milling</B>&rdquo;). In February 2017, Denison completed a financing (the &ldquo;<B>APG Transaction</B>&rdquo;)
with Anglo Pacific Group PLC (&ldquo;<B>APG</B>&rdquo;) and its wholly owned subsidiary Centaurus Royalties Ltd. for gross proceeds
to Denison of C$43.5 million. The APG Transaction monetized a portion of Denison&rsquo;s future share of the Cigar Toll Milling,
providing Denison with the financial flexibility to advance its interests in the Athabasca Basin, including the Wheeler River project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the APG Transaction monetized certain
future toll milling receipts from the Cigar Toll Milling, Denison retains a 22.5% strategic ownership stake in the MLJV and McClean
Lake processing facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>COVID-19 Pandemic and Continuing
Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 20, 2020, the Company announced
a decision to temporarily suspend the environmental assessment process for the Wheeler River project (the &ldquo;<B>EA</B>&rdquo;)
and other discretionary activities due to the significant social and economic disruption that has emerged as a result of the COVID-19
pandemic and the Company's commitment to ensure employee safety, support public health efforts to limit transmission of COVID-19,
and exercise prudent financial discipline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company identified the EA process
as a key element of the Wheeler River project's critical path. Accordingly, the decision to temporarily suspend the EA process
is expected to impact the project development schedule outlined in the Wheeler PFS Report (as defined herein). As a result, the
Company has withdrawn certain forward looking information included in the PFS &ndash; specifically the start date of pre-development
activities in 2021 and the expected date for first production from the Phoenix deposit in 2024. Given the uncertainty associated
with the duration of the suspension, the Company is not currently able to estimate the overall impact to the project development
schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The social and economic disruption
associated with the COVID-19 pandemic also led to the deferral by the MLJV of the SABRE test mining program and the planned completion
of field work during the second and third quarter of 2020. It is the Company&rsquo;s understanding that Orano Canada currently
expects to reschedule the field work to occur during the second and third quarter of 2021. Accordingly, the related expenditures
are no longer reflected in the Company&rsquo;s Outlook for the year ending December 31. 2020, as disclosed (and incorporated by
reference to this document) in the Company&rsquo;s MD&amp;A for the period ended March 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the Company&rsquo;s current
cash flow forecast (before issuing any securities under this prospectus), management anticipates that it has sufficient financial
resources to fund the continuation of planned operations for 12 months from the date of this prospectus. This assumes (a) certain
strategic expense reductions (including estimates for further curtailment of exploration and evaluation activities) in early 2021,
and (b) that the Company is able to realize proceeds of approximately $250,000 from the sale of a portion of its investments,
valued at $9.1 million at the end of March 31, 2020. Further curtailments of operations by Denison, if necessary, may have a negative
impact on the Company&rsquo;s ability to resume the Wheeler River EA in future periods, but is not expected to impact the Company&rsquo;s
ability to service its revenue generating activities from its Closed Mines operations or the management services agreement with
UPC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To fund any additional activities not
currently planned to be undertaken by the Company in 2020 or early 2021, including certain exploration, evaluation and development
activities at the Wheeler River project and other of the Company&rsquo;s projects, the Company will require additional financing,
either through the realization of additional proceeds from the sale of its investments, issuance of shares in the Company, the
sale of other assets, or other sources financing. The continued uncertainty surrounding the impact, duration and severity of the
COVID-19 pandemic may require the Company to further adapt its plans in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Litigation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Mongolia Arbitration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Amended and
Restated Share Purchase Agreement between Denison and UI dated November 25, 2015 (the &ldquo;<B>GSJV Purchase Agreement</B>&rdquo;)
with respect to the Mongolia Transaction, the Company sold its interest in the GSJV effective December 1, 2015. In connection
with the closing the Company received US$1,250,000 and retained rights to receive additional proceeds from contingent payments
of up to US$12,000,000, for total consideration of up to US$13,250,000. The contingent payments are payable as follows: (1) US$5,000,000
within 60 days of the issuance of a mining licence for an area covered by any of the four principal exploration licences held
by the GSJV, being the Hairhan, Haraat, Gurvan Saihan and Ulzit projects (the &quot;<B>First Project</B>&quot;); (2) US$5,000,000
within 60 days of the issuance of a mining licence for an area covered by any of the other exploration licences held by the GSJV
(the &quot;<B>Second Project</B>&quot;); and (3) US$1,000,000 within 365 days following the production of an aggregate of 1,000
pounds U<SUB>3</SUB>O<SUB>8</SUB> from the operation of each of the First Project and Second Project, respectively, for potential
aggregate proceeds of US$2,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance by the Mongolian government
of mining licence certificates for the Hairhan, Haraat, Gurvan Saihan and Ulzit projects in 2016 triggered an obligation for UI
to make an aggregate of US$10,000,000 of contingent payments to Denison by November 16, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to an extension agreement entered
into between the Company and UI in January 2017 (the &ldquo;<B>Extension Agreement</B>&rdquo;), the payment due date for the contingent
payments was extended from November 16, 2016 to July 16, 2017. As consideration for the extension, UI agreed to pay interest on
the contingent payments at a rate of 5% per year, payable monthly up to July 16, 2017 and agreed to pay a US$100,000 installment
amount towards the balance of contingent payments. The first payment under the Extension Agreement was due on or before January
31, 2017. The required payments were not made and UI is in breach of the GSJV Purchase Agreement and the Extension Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2017, the Company served
notice to UI that UI was in default of its obligations under the GSJV Agreement and the Extension Agreement and that the contingent
payments and all interest payable thereon were immediately due and payable. On December 12, 2017, the Company filed a Request for
Arbitration under the Arbitration Rules of the London Court of International Arbitration in conjunction with the default of UI&rsquo;s
obligations under the GSJV and Extension agreements. In response, UI counterclaimed (the &ldquo;<B>Counterclaim</B>&rdquo;) against
the Company alleging various breaches of the GSJV Purchase Agreement and fraudulent and negligent misrepresentation. The Company
views the Counterclaim as frivolous and without merit. Hearings in front of the three-person arbitration panel were held in December
2019, and all anticipated formal submissions to the panel have been made by each party. The arbitration panel&rsquo;s findings
are expected to be issued in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Other Arbitration</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison commenced arbitration with Orano
Canada and OURD in October 2019, with Denison&rsquo;s initial written submission made on March 9, 2020. The arbitration relates
to certain payments made under the joint venture agreement for the MLJV. Denison claims that these payments were required in breach
of OURD and Orano&rsquo;s contractual and other obligations. Denison seeks approximately C$6.5 million with respect to these payments,
an unquantified amount for further damages and related contractual relief. The arbitration hearing is expected to be held in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="riskfactors"></A>RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our securities is speculative
and involves a high degree of risk due to the nature of our business and the present stage of its development. The following risk
factors, as well as risks currently unknown to us, could materially adversely affect our future business, operations and financial
condition and could cause them to differ materially from the estimates described in forward-looking statements relating to the
Company, or its business, property or financial results, each of which could cause purchasers of our securities to lose part or
all of their investment. The risks set out below are not the only risks we face; risks and uncertainties not currently known to
us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results
of operations and prospects. Before deciding whether to invest in any securities of the Company, investors should consider carefully
the risks discussed below, the risks incorporated by reference in this prospectus (including subsequently filed documents incorporated
by reference) and those described in a prospectus supplement relating to a specific offering of securities. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Relating to the Company and the
Mining Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Capital Intensive Industry and Uncertainty
of Funding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exploration and development of mineral
properties and any operation of mines and facilities requires a substantial amount of capital and the ability of the Company to
proceed with any of its plans with respect thereto depends on its ability to obtain financing through joint ventures, equity financing,
debt financing or other means. The Company intends to use the proceeds from its recent public offering of Common Shares, which
closed on April 9, 2020, to fund the Company&rsquo;s business activities planned for the remainder of fiscal 2020 and into 2021,
as well as for general working capital purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To fund additional activities, including
certain exploration, evaluation and development activities, the Company anticipates that it will require additional financing.
General market conditions, volatile uranium markets, a claim against the Company, a significant disruption to the Company's business
or operations or other factors may make it difficult to secure financing necessary to fund the substantial capital that is typically
required in order to continue to advance a mineral project, such as the Wheeler River project, through the testing, permitting
and feasibility processes to a production decision or to place a property, such as the Wheeler River project, into commercial production.
Similarly, there is uncertainty regarding the Company's ability to fund additional exploration of the Company's projects or the
acquisition of new projects. In addition, the Company has committed a significant portion of its short to medium term cash flows
in connection with the APG Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that the Company
will be successful in obtaining required financing as and when needed on acceptable terms, and failure to obtain such additional
financing could result in the delay or indefinite postponement of any or all of the Company's exploration, development or other
growth initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global Financial Conditions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global financial conditions continue to
be subject to volatility arising from international geopolitical developments and global economic phenomenon, as well as general
financial market turbulence, including a significant recent market reaction to the novel coronavirus (COVID-19) pandemic, resulting
in a significant reduction in in many major market indices. Access to public financing and credit can be negatively impacted by
the effect of these events on Canadian and global credit markets. The health of the global financing and credit markets may impact
the ability of Denison to obtain equity or debt financing in the future and the terms at which financing or credit is available
to Denison. These instances of volatility and market turmoil could adversely impact Denison's operations and the trading price
of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>COVID-19 Outbreaks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outbreak of COVID-19 has caused, and
may cause further, disruptions to the Company&rsquo;s business and operational plans. Such disruptions may result from (i) restrictions
that governments and communities impose to address the COVID-19 outbreak, (ii) restrictions that the Company and its contractors
and subcontractors impose to ensure the safety of employees and others, (iii) shortages of employees and/or unavailability of contractors
and subcontractors, and/or (iv) interruption of supplies from third parties upon which the Company relies. Further, it is presently
not possible to predict the extent or durations of these disruptions. These disruptions may have a material adverse effect on the
Company&rsquo;s business, financial condition and results of operations, which could be rapid and unexpected. These disruptions
may severely impact the Company&rsquo;s ability to carry out its business plans for 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Speculative Nature of Exploration
and Development</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exploration for minerals and the development
of mineral properties is speculative and involves significant uncertainties and financial risks that even a combination of careful
evaluation, experience and technical knowledge may not eliminate. While the discovery of an ore body may result in substantial
rewards, few properties which are explored prove to return the discovery of a commercially mineable deposit and/or are ultimately
developed into producing mines. As at the date hereof, many of Denison&rsquo;s projects are preliminary in nature and mineral resource
estimates include inferred mineral resources, which are considered too speculative geologically to have the economic considerations
applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Major expenses may be required to properly evaluate the prospectivity of an exploration property,
to develop new ore bodies and to estimate mineral resources and establish mineral reserves. There is no assurance that the Company&rsquo;s
uranium deposits are commercially mineable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Imprecision of Mineral Reserve and
Resource Estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mineral reserve and resource figures are
estimates, and no assurances can be given that the estimated quantities of uranium are in the ground and could be produced, or
that Denison will receive the prices assumed in determining its mineral reserves. Such estimates are expressions of judgment based
on knowledge, mining experience, analysis of drilling results and industry best practices. Valid estimates made at a given time
may significantly change when new information becomes available. While Denison believes that the Company&rsquo;s estimates of mineral
reserves and mineral resources are well established and reflect management&rsquo;s best estimates, by their nature, mineral reserve
and resource estimates are imprecise and depend, to a certain extent, upon statistical inferences and geological interpretations,
which may ultimately prove inaccurate. Furthermore, market price fluctuations, as well as increased capital or production costs
or reduced recovery rates, may render mineral reserves and resources uneconomic and may ultimately result in a restatement of mineral
reserves and resources. The evaluation of mineral reserves or resources is always influenced by economic and technological factors,
which may change over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks of, and Market Impacts on,
Developing Mineral Properties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's uranium production is dependent
in part on the successful development of its known ore bodies, discovery of new ore bodies and/or revival of previously existing
mining operations. It is impossible to ensure that Denison's current exploration and development programs will result in profitable
commercial mining operations. Where the Company has been able to estimate the existence of mineral resources and mineral reserves,
such as for the Wheeler River project, substantial expenditures are still required to establish economic feasibility for commercial
development and to obtain the required environmental approvals, permitting and assets to commence commercial operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Development projects are subject to the
completion of successful feasibility studies, engineering studies and environmental assessments, the issuance of necessary governmental
permits and the availability of adequate financing. The economic feasibility of development projects is based upon many factors,
including, among others: the accuracy of mineral reserve and resource estimates; metallurgical recoveries; capital and operating
costs of such projects; government regulations relating to prices, taxes, royalties, infrastructure, land tenure, land use, importing
and exporting, and environmental protection; political and economic climate; and uranium prices, which are historically cyclical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the availability of capital,
if a feasibility study is completed for the Wheeler River Project in the future, such a feasibility study, and any estimates of
mineral reserves and mineral resources, development costs, operating costs and estimates of future cash flow contained therein,
will be based on Denison's interpretation of the information available to-date. Development projects have no operating history
upon which to base developmental and operational estimates. Particularly for development projects, economic analyses and feasibility
studies contain estimates based upon many factors, including estimates of mineral reserves, the interpretation of geologic and
engineering data, anticipated tonnage and grades of ore to be mined and processed, the configuration of the ore body, expected
recovery rates of uranium from the ore, estimated operating costs, anticipated climatic conditions and other factors. As a result,
it is possible that actual capital and operating costs and economic returns will differ significantly from those estimated for
a project prior to production. For example, the capital and operating cost projections and related economic indicators in the Wheeler
PFS Report (as defined herein) may vary significantly from the capital and operating costs and economic returns estimated by a
final feasibility study or actual expenditures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The decision as to whether a property,
such as the Wheeler River project, contains a commercial mineral deposit and should be brought into production will depend upon
the results of exploration and evaluation programs and/or feasibility studies, and the recommendations of duly qualified engineers
and/or geologists, all of which involves significant expense and risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is not unusual in the mining industry
for new mining operations to take longer than originally anticipated to bring into a producing phase, and to require more capital
than anticipated. Any of the following events, among others, could affect the profitability or economic feasibility of a project
or delay or stop its advancement: unavailability of necessary capital, unexpected problems during the start-up phase delaying production,
unanticipated changes in grade and tonnes of ore to be mined and processed, unanticipated adverse geological conditions, unanticipated
metallurgical recovery problems, incorrect data on which engineering assumptions are made, unavailability of labour, increased
costs of processing and refining facilities, unavailability of economic sources of power and water, unanticipated transportation
costs, changes in government regulations (including regulations with respect to the environment, prices, royalties, duties, taxes,
permitting, restrictions on production, quotas on exportation of minerals, environmental, etc.), fluctuations in uranium prices,
and accidents, labour actions and force majeure events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability to sell and profit from the
sale of any eventual mineral production from a property will be subject to the prevailing conditions in the applicable marketplace
at the time of sale. The demand for uranium and other minerals is subject to global economic activity and changing attitudes of
consumers and other end-users' demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of these factors are beyond the control
of a mining company and therefore represent a market risk which could impact the long term viability of Denison and its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Denison has a history of negative
operating cash flow and may continue to experience negative operating cash flow</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison had negative operating cash flow
for recent past financial reporting periods. Denison anticipates that it will continue to have negative operating cash flow until
such time, if at all, its Wheeler River project goes into production. To the extent that Denison has negative operating cash flow
in future periods, Denison may need to allocate a portion of its cash reserves to fund such negative cash flow. Denison may also
be required to raise additional funds through the issuance of equity or debt securities. There can be no assurance that additional
capital or other types of financing will be available when needed or that these financings will be on terms favourable to Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Associated with the Selection
of Novel Mining Methods</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As disclosed in a technical report entitled
 &ldquo;Prefeasibility Study Report for the Wheeler River Uranium Project Saskatchewan, Canada&rdquo; dated October 30, 2018 (the
 &ldquo;<B>Wheeler PFS Report</B>&rdquo;), Denison has selected the ISR mining method for production at the Phoenix deposit. While
test work completed to date indicates that ground conditions and the mineral reserves estimated to be contained within the deposit
are amenable to extraction by way of ISR, actual conditions could be materially different from those estimated based on the Company&rsquo;s
technical studies completed to-date. While industry best practices have been utilized in the development of its estimates, actual
results may differ significantly. Denison will need to complete substantial additional work to further advance and/or confirm its
current estimates and projections for development to the level of a feasibility study. As a result, it is possible that actual
costs and economic returns of any mining operations may differ materially from Denison&rsquo;s best estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dependence on Obtaining Licenses,
and other Regulatory and Policy Risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uranium mining and milling operations and
exploration activities, as well as the transportation and handling of the products produced, are subject to extensive regulation
by federal, provincial and state governments including the Saskatchewan Government and the Canadian Nuclear Safety Commission.
Such regulations relate to production, development, exploration, exports, imports, taxes and royalties, labour standards, occupational
health, waste disposal, protection and remediation of the environment, mine decommissioning and reclamation, mine safety, toxic
substances, transportation safety and emergency response, and other matters. Compliance with such laws and regulations is currently,
and has historically, increased the costs of exploring, drilling, developing, constructing, operating and closing Denison's mines
and processing facilities. It is possible that the costs, delays and other effects associated with such laws and regulations may
impact Denison's decision with respect to exploration and development properties, including whether to proceed with exploration
or development, or that such laws and regulations may result in Denison incurring significant costs to remediate or decommission
properties that do not comply with applicable environmental standards at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development of mines and related facilities
is contingent upon governmental approvals that are complex and time consuming to obtain and which involve multiple governmental
agencies. Environmental and regulatory review has become a long, complex and uncertain process that can cause potentially significant
delays. Obtaining these government approvals includes among other things, obtaining environmental assessments and engaging with
local communities. See &ldquo;<I>Engagement with Canada&rsquo;s First Nations and M&eacute;tis</I>&rdquo; for more information
regarding Denison&rsquo;s community engagement. In addition, future changes in governments, regulations and policies, such as those
affecting Denison's mining operations and uranium transport, could materially and adversely affect Denison's results of operations
and financial condition in a particular period or its long-term business prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of the Company to obtain and
maintain permits and approvals and to successfully explore and evaluate properties and/or develop and operate mines may be adversely
affected by real or perceived impacts associated with its activities that affect the environment and human health and safety at
its projects and in the surrounding communities. The real or perceived impacts of the activities of other mining companies, locally
or globally, may also adversely affect our ability to obtain and maintain permits and approvals. The Company is uncertain as to
whether all necessary permits will be obtained or renewed on acceptable terms or in a timely manner. Any significant delays in
obtaining or renewing such permits or licences in the future could have a material adverse effect on Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 20, 2020 the Company announced
a temporary suspension of activities related to the EA for the Wheeler River project, an important part of which involves extensive
in-person engagement and consultation with various interested parties. Accordingly, the decision to suspend the EA was motivated
by the significant social and economic disruptions that have emerged as a result of the COVID-19 pandemic. The EA process is a
key element of the Wheeler River project&rsquo;s critical path and as a result, there is a risk that the development schedule outlined
in the Wheeler PFS Report will be impacted unfavourably by the suspension.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison expends significant financial and
managerial resources to comply with such laws and regulations. Denison anticipates it will have to continue to do so as the historic
trend toward stricter government regulation may continue. Because legal requirements are frequently changing and subject to interpretation,
Denison is unable to predict the ultimate cost of compliance with these requirements or their effect on operations. While the Company
has taken great care to ensure full compliance with its legal obligations, there can be no assurance that the Company has been
or will be in full compliance with all of these laws and regulations, or with all permits and approvals that it is required to
have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure to comply with applicable laws,
regulations and permitting requirements, even inadvertently, may result in enforcement actions. These actions may result in orders
issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring
capital expenditures, installation of additional equipment or remedial actions. Companies engaged in uranium exploration operations
may be required to compensate others who suffer loss or damage by reason of such activities and may have civil or criminal fines
or penalties imposed for violations of applicable laws or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Engagement with Canada's First Nations
and M&eacute;tis</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First Nations and M&eacute;tis rights,
entitlements and title claims may impact Denison's ability and that of its joint venture partners to pursue exploration, development
and mining at its Saskatchewan properties. Pursuant to historical treaties, First Nations in northern Saskatchewan ceded title
to most traditional lands but continue to assert title to the minerals within the lands. M&eacute;tis people have not signed treaties;
they assert aboriginal rights throughout Saskatchewan, including aboriginal title over most if not all of the Company's project
lands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Managing relations with the local First
Nations and M&eacute;tis communities is a matter of paramount importance to Denison. Engagement with, and consideration of other
rights of, potentially affected Indigenous peoples may require accommodations, including undertakings regarding funding, contracting,
environmental practices, employment and other matters and can be difficult. This may affect the timetable and costs of exploration,
evaluation and development of the Company's projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's relationships with communities
of interest are critical to ensure the future success of its existing operations and the construction and development of its projects.
There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on
communities impacted by such activities. Adverse publicity relating to the mining industry generated by non-governmental organizations
and others could have an adverse effect on the Company's reputation or financial condition and may impact its relationship with
the communities in which it operates. While the Company is committed to operating in a socially responsible manner, there is no
guarantee that the Company's efforts in this regard will mitigate this potential risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The inability of the Company to maintain
positive relationships with communities of interest, including local First Nations and M&eacute;tis, may result in additional obstacles
to permitting, increased legal challenges, or other disruptions to the Company's exploration, development and production plans,
and could have a significant adverse impact on the Company's share price and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Environmental, Health and Safety
Risks</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison has expended significant financial
and managerial resources to comply with environmental protection laws, regulations and permitting requirements in each jurisdiction
where it operates, and anticipates that it will be required to continue to do so in the future as the historical trend toward stricter
environmental regulation may continue. The uranium industry is subject to, not only the worker health, safety and environmental
risks associated with all mining businesses, including potential liabilities to third parties for environmental damage, but also
to additional risks uniquely associated with uranium mining and processing. The possibility of more stringent regulations exists
in the areas of worker health and safety, the disposition of wastes, the decommissioning and reclamation of mining and processing
sites, and other environmental matters each of which could have a material adverse effect on the costs or the viability of a particular
project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s facilities operate under
various operating and environmental permits, licences and approvals that contain conditions that must be met, and Denison&rsquo;s
right to pursue its development plans is dependent upon receipt of, and compliance with, additional permits, licences and approvals.
Failure to obtain such permits, licenses and approvals and/or meet any conditions set forth therein could have a material adverse
effect on Denison&rsquo;s financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company believes its operations
are in compliance, in all material respects, with all relevant permits, licences and regulations involving worker health and safety
as well as the environment, there can be no assurance regarding continued compliance or ability of the Company to meet stricter
environmental regulation, which may also require the expenditure of significant additional financial and managerial resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mining companies are often targets of actions
by non-governmental organizations and environmental groups in the jurisdictions in which they operate. Such organizations and groups
may take actions in the future to disrupt Denison's operations. They may also apply pressure to local, regional and national government
officials to take actions which are adverse to Denison's operations. Such actions could have an adverse effect on Denison's ability
to advance its projects and, as a result, on its financial position and results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Global Demand and International Trade
Restrictions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The international nuclear fuel industry,
including the supply of uranium concentrates, is relatively small compared to other minerals, and is generally highly competitive
and heavily regulated. Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear power
industry, which is also subject to extensive government regulation and policies. In addition, the international marketing of uranium
is subject to governmental policies and certain trade restrictions. For example, the supply and marketing of uranium from Russia
is limited by international trade agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Over the past two years, policy related
reviews in the United States have impacted the nuclear fuel market. In 2018, certain uranium producers filed a petition with the
U.S. Department of Commerce (&ldquo;<B>DOC</B>&rdquo;) to investigate the import of uranium into the U.S. under Section 232 of
the 1962 Trade Expansion Act. In July 2019 the U.S. President ultimately concluded that uranium imports do not threaten national
security and no trade actions were implemented; however, a further review of the nuclear supply chain in the U.S. was ordered,
and the Nuclear Fuels Working Group (&ldquo;<B>NFWG</B>&rdquo;) was established. The NFWG reported its findings on April 23, 2020,
which among other recommendations included a plan to budget US$150 million per year, in each of the next 10 years, for uranium
purchases from U.S. producers, to increase that nation&rsquo;s strategic reserve. The long-awaited report ended a period of uncertainty
and disruption in the nuclear fuel market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The uncertainty surrounding this Section
232 trade action and the subsequent NFWG review is believed to have impacted the uranium purchasing activities of nuclear utilities,
especially in the U.S., and consequently negatively impacted the market price of uranium and the uranium industry as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, trade agreements, governmental
policies and/or trade restrictions are beyond the control of Denison and may affect the supply of uranium available for use in
markets like the United States and Europe, which are currently the largest markets for uranium in the world. Similarly, trade restrictions
have the potential to impact the ability to supply uranium to developing markets, such as China and India. If substantial changes
are made to regulations affecting global marketing and supply of uranium, the Company's business, financial condition and results
of operations may be materially adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Volatility and Sensitivity to Market
Prices</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of the Company's mineral resources,
mineral reserves and estimates of the viability of future production for its projects is heavily influenced by long and short term
market prices of U<SUB>3</SUB>0<SUB>8</SUB>. Historically, these prices have seen significant fluctuations, and have been and will
continue to be affected by numerous factors beyond Denison's control. Such factors include, among others: demand for nuclear power,
political, economic and social conditions in uranium producing and consuming countries, public and political response to nuclear
incidents, reprocessing of used reactor fuel and the re-enrichment of depleted uranium tails, sales of excess civilian and military
inventories (including from the dismantling of nuclear weapons) by governments and industry participants, uranium supplies from
other secondary sources, and production levels and costs of production from primary uranium suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uranium prices failing to reach or sustain
projected levels can impact operations by requiring a reassessment of the economic viability of the Company's projects, and such
reassessment alone may cause substantial delays and/or interruptions in project development, which could have a material adverse
effect on the results of operations and financial condition of Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Public Acceptance of Nuclear Energy
and Competition from Other Energy Sources</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Growth of the uranium and nuclear power
industry will depend upon continued and increased acceptance of nuclear technology as a clean means of generating electricity.
Because of unique political, technological and environmental factors that affect the nuclear industry, including the risk of a
nuclear incident, the industry is subject to public opinion risks that could have an adverse impact on the demand for nuclear power
and increase the regulation of the nuclear power industry. Nuclear energy competes with other sources of energy, including oil,
natural gas, coal and hydro-electricity. These other energy sources are, to some extent, interchangeable with nuclear energy, particularly
over the longer term. Technical advancements in, and government subsidies for, renewable and other alternate forms of energy, such
as wind and solar power, could make these forms of energy more commercially viable and put additional pressure on the demand for
uranium concentrates. Sustained lower prices of alternate forms of energy may result in lower demand for uranium concentrates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current estimates project increases in
the world&rsquo;s nuclear power generating capacities, primarily as a result of a significant number of nuclear reactors that are
under construction, planned, or proposed in China, India and various other countries around the world. Market projections for future
demand for uranium are based on various assumptions regarding the rate of construction and approval of new nuclear power plants,
as well as continued public acceptance of nuclear energy around the world. The rationale for adopting nuclear energy can be varied,
but often includes the clean and environmentally friendly operation of nuclear power plants, as well as the affordability and round-the-clock
reliability of nuclear power. A change in public sentiment regarding nuclear energy could have a material impact on the number
of nuclear power plants under construction, planned or proposed, which could have a material impact on the market&rsquo;s and the
Company&rsquo;s expectations for the future demand for uranium and the future price of uranium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reliance on Other Operators</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At some of its properties, Denison is not
the operator and therefore is not in control of all of the activities and operations at the site. As a result, Denison is and will
be, to a certain extent, dependent on the operators for the nature and timing of activities related to these properties and may
be unable to direct or control such activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an example, Orano Canada is the operator
and majority owner of the McClean Lake and Midwest joint ventures in Saskatchewan, Canada. The McClean Lake mill employs unionized
workers who work under collective agreements. Orano Canada, as the operator, is responsible for most operational and production
decisions and all dealings with unionized employees. Orano Canada may not be successful in its attempts to renegotiate the collective
agreements, which may impact mill and mining operations. Similarly, Orano Canada is responsible for all licensing and dealings
with various regulatory authorities. Orano Canada maintains the regulatory licences in order to operate the McClean Lake mill,
all of which are subject to renewal from time to time and are required in order for the mill to operate in compliance with applicable
laws and regulations. Any lengthy work stoppages, or disruption to the operation of the mill or mining operations as a result of
a licensing matter or regulatory compliance, may have a material adverse impact on the Company&rsquo;s future cash flows, earnings,
results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reliance on Contractors and Experts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In various aspects of its operations, Denison
relies on the services, expertise and recommendations of its service providers and their employees and contractors, whom often
are engaged at significant expense to the Company. For example, the decision as to whether a property contains a commercial mineral
deposit and should be brought into production will depend in large part upon the results of exploration programs and/or feasibility
studies, and the recommendations of duly qualified third party engineers and/or geologists. In addition, while Denison emphasizes
the importance of conducting operations in a safe and sustainable manner, it cannot exert absolute control over the actions of
these third parties when providing services to Denison or otherwise operating on Denison&rsquo;s properties. Any material error,
omission, act of negligence or act resulting in environmental pollution, accidents or spills, industrial and transportation accidents,
work stoppages or other actions could adversely affect the Company&rsquo;s operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Benefits Not Realized From Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison has completed a number of transactions
over the last several years, including without limitation the acquisition of International Enexco Ltd., the acquisition of Fission,
the acquisition of JNR Resources Inc., the sale of its mining assets and operations located in the United States to Energy Fuels
Inc., the Mongolia Transaction, the Africa Transaction, the optioning of the Moore Lake property to Skyharbour Resources Ltd.,
the acquisition of an 80% interest in the Hook-Carter property from ALX Resources Corp., the acquisition of an interest in the
Moon Lake property from CanAlaska Uranium Ltd., entering into the APG Transaction and the acquisition of Cameco Corporation&rsquo;s
minority interest in the Wheeler River Joint Venture. Despite Denison's belief that these transactions, and others which may be
completed in the future, will be in Denison's best interest and benefit the Company and Denison's shareholders, Denison may not
realize the anticipated benefits of such transactions or realize the full value of the consideration paid or received to complete
the transactions. This could result in significant accounting impairments or write-downs of the carrying values of mineral properties
or other assets and could adversely impact the Company and the price of its Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inability to Exploit, Expand and
Replace Mineral Reserves and Mineral Resources</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison's mineral reserves and resources
at its Wheeler River, Waterbury Lake, McClean Lake and Midwest projects are Denison's material future sources of possible uranium
production. Unless other mineral reserves or resources are discovered or acquired, Denison's sources of future production for uranium
concentrates will decrease over time if its current mineral reserves and resources are depleted. There can be no assurance that
Denison&rsquo;s future exploration, development and acquisition efforts will be successful in replenishing its mineral reserves
and resources. In addition, while Denison believes that many of its properties demonstrate development potential, there can be
no assurance that they can or will be successfully developed and put into production in future years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Competition for Properties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant competition exists for the
limited supply of mineral lands available for acquisition. Participants in the mining business include large established companies
with long operating histories. In certain circumstances, the Company may be at a disadvantage in acquiring new properties as competitors
may have greater financial resources and more technical staff. Accordingly, there can be no assurance that the Company will be
able to compete successfully to acquire new properties or that any such acquired assets would yield resources or reserves or result
in commercial mining operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Property Title Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has investigated its rights
to explore and exploit all of its material properties and, to the best of its knowledge, those rights are in good standing. However,
no assurance can be given that such rights will not be revoked, or significantly altered, to its detriment. There can also be no
assurance that the Company&rsquo;s rights will not be challenged or impugned by third parties, including the Canadian federal,
provincial and local governments, as well as by First Nations and M&eacute;tis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is also a risk that Denison's title
to, or interest in, its properties may be subject to defects or challenges. If such defects or challenges cover a material portion
of Denison's property, they could have a material adverse effect on Denison's results of operations, financial condition, reported
mineral reserves and resources and/or long-term business prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Ability to Maintain Obligations under
Credit Facility and Other Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2020 credit facility with the Bank
of Nova Scotia (the &ldquo;<B>Credit Facility</B>&rdquo;) has a term of one year, and will need to be renewed on or before January
31, 2021. There is no certainty what terms of any renewal may be, or any assurance that such renewal will be made available to
Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison is required to satisfy certain
financial covenants in order to maintain its good standing under the Credit Facility. Denison is also subject to a number of restrictive
covenants under the Credit Facility and the APG Transaction, such as restrictions on Denison's ability to incur additional indebtedness
and sell, transfer of otherwise dispose of material assets. Denison may from time to time enter into other arrangements to borrow
money in order to fund its operations and expansion plans, and such arrangements may include covenants that have similar obligations
or that restrict its business in some way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Events may occur in the future, including
events out of Denison's control, which could cause Denison to fail to satisfy its obligations under the Credit Facility, APG Transaction
or other debt instruments. In such circumstances, the amounts drawn under Denison's debt agreements may become due and payable
before the agreed maturity date, and Denison may not have the financial resources to repay such amounts when due. The Credit Facility
and APG Transaction are secured by DMI's main properties by a pledge of the shares of DMI. If Denison were to default on its obligations
under the Credit Facility, APG Transaction or other secured debt instruments in the future, the lender(s) under such debt instruments
could enforce their security and seize significant portions of Denison's assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Change of Control Restrictions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The APG Transaction and certain other of
Denison&rsquo;s agreements contain provisions that could adversely impact Denison in the case of a transaction that would result
in a change of control of Denison or certain of its subsidiaries. In the event that consent is required from our counterparty and
our counterparty chooses to withhold its consent to a merger or acquisition, then such party could seek to terminate certain agreements
with Denison, including certain agreements forming part of the APG Transaction, or require Denison to buy the counterparty&rsquo;s
rights back from them, which could adversely affect Denison&rsquo;s financial resources and prospects. If applicable, these restrictive
contractual provisions could delay or discourage a change in control of our company that could otherwise be beneficial to Denison
or its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Decommissioning and Reclamation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As owner of the Elliot Lake decommissioned
sites and part owner of the McClean Lake mill, McClean Lake mines, the Midwest uranium project and certain exploration properties,
and for so long as the Company remains an owner thereof, the Company is obligated to eventually reclaim or participate in the reclamation
of such properties. Most, but not all, of the Company&rsquo;s reclamation obligations are secured, and cash and other assets of
the Company have been reserved to secure this obligation. Although the Company&rsquo;s financial statements record a liability
for the asset retirement obligation, and the security requirements are periodically reviewed by applicable regulatory authorities,
there can be no assurance or guarantee that the ultimate cost of such reclamation obligations will not exceed the estimated liability
contained on the Company&rsquo;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Denison&rsquo;s properties approach
or go into decommissioning, regulatory review of the Company&rsquo;s decommissioning plans may result in additional decommissioning
requirements, associated costs and the requirement to provide additional financial assurances. It is not possible to predict what
level of decommissioning and reclamation (and financial assurances relating thereto) may be required from Denison in the future
by regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Technical Innovation and Obsolescence</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Requirements for Denison&rsquo;s products
and services may be affected by technological changes in nuclear reactors, enrichment and used uranium fuel reprocessing. These
technological changes could reduce the demand for uranium or reduce the value of Denison&rsquo;s environmental services to potential
customers. In addition, Denison&rsquo;s competitors may adopt technological advancements that give them an advantage over Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Mining and Insurance</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s business is capital intensive
and subject to a number of risks and hazards, including environmental pollution, accidents or spills, industrial and transportation
accidents, labour disputes, changes in the regulatory environment, natural phenomena (such as inclement weather conditions, earthquakes,
pit wall failures and cave-ins) and encountering unusual or unexpected geological conditions. Many of the foregoing risks and hazards
could result in damage to, or destruction of, Denison&rsquo;s mineral properties or processing facilities in which it has an interest;
personal injury or death; environmental damage, delays in or interruption of or cessation of exploration, development, production
or processing activities; or costs, monetary losses and potential legal liability and adverse governmental action. In addition,
due to the radioactive nature of the materials handled in uranium exploration, mining and processing, as applicable, additional
costs and risks are incurred by Denison and its joint venture partners on a regular and ongoing basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although Denison maintains insurance to
cover some of these risks and hazards in amounts it believes to be reasonable, such insurance may not provide adequate coverage
in the event of certain circumstances. No assurance can be given that such insurance will continue to be available, that it will
be available at economically feasible premiums, or that it will provide sufficient coverage for losses related to these or other
risks and hazards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison may be subject to liability or
sustain loss for certain risks and hazards against which it cannot insure or which it may reasonably elect not to insure because
of the cost. This lack of insurance coverage could result in material economic harm to Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Anti-Bribery and Anti-Corruption
Laws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is subject to anti-bribery
and anti-corruption laws, including the <I>Corruption of Foreign Public Officials Act</I> (Canada) and the United States <I>Foreign
Corrupt Practices Act of 1977</I>, as amended. Failure to comply with these laws could subject the Company to, among other things,
reputational damage, civil or criminal penalties, other remedial measures and legal expenses which could adversely affect the Company's
business, results from operations, and financial condition. It may not be possible for the Company to ensure compliance with anti-bribery
and anti-corruption laws in every jurisdiction in which its employees, agents, sub-contractors or joint venture partners are located
or may be located in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Climate Change</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to changes in local and global climatic
conditions, many analysts and scientists predict an increase in the frequency of extreme weather events such as floods, droughts,
forest and brush fires and extreme storms. Such events could materially disrupt the Company&rsquo;s operations, particularly if
they affect the Company&rsquo;s sites, impact local infrastructure or threaten the health and safety of the Company&rsquo;s employees
and contractors. In addition, reported warming trends could result in later freeze-ups and warmer lake temperatures, affecting
the Company&rsquo;s winter exploration programs at certain of its material projects. Any such event could result in material economic
harm to Denison.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is focused on operating in
a manner designed to minimize the environmental impacts of its activities; however, environmental impacts from mineral exploration
and mining activities are inevitable. Increased environmental regulation and/or the use of fiscal policy by regulators in response
to concerns over climate change and other environmental impacts, such as additional taxes levied on activities deemed harmful to
the environment, could have a material adverse effect on Denison&rsquo;s financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information Systems and Cyber Security</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's operations depend upon the
availability, capacity, reliability and security of its information technology (&ldquo;<B>IT</B>&rdquo;) infrastructure, and its
ability to expand and update this infrastructure as required, to conduct daily operations. Denison relies on various IT systems
in all areas of its operations, including financial reporting, contract management, exploration and development data analysis,
human resource management, regulatory compliance and communications with employees and third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These IT systems could be subject to network
disruptions caused by a variety of sources, including computer viruses, security breaches and cyber-attacks, as well as network
and/or hardware disruptions resulting from incidents such as unexpected interruptions or failures, natural disasters, fire, power
loss, vandalism and theft. The Company's operations also depend on the timely maintenance, upgrade and replacement of networks,
equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of the IT function to support
the Company&rsquo;s business in the event of any such occurrence and the ability to recover key systems from unexpected interruptions
cannot be fully tested. There is a risk that, if such an event actually occurs, the Company&rsquo;s continuity plan may not be
adequate to immediately address all repercussions of the disaster. In the event of a disaster affecting a data centre or key office
location, key systems may be unavailable for a number of days, leading to inability to perform some business processes in a timely
manner. As a result, the failure of Denison&rsquo;s IT systems or a component thereof could, depending on the nature of any such
failure, adversely impact the Company's reputation and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although to date the Company has not experienced
any material losses relating to cyber-attacks or other information security breaches, there can be no assurance that the Company
will not incur such losses in the future. Unauthorized access to Denison&rsquo;s IT systems by employees or third parties could
lead to corruption or exposure of confidential, fiduciary or proprietary information, interruption to communications or operations
or disruption to the Company&rsquo;s business activities or its competitive position. Further, disruption of critical IT services,
or breaches of information security, could have a negative effect on the Company&rsquo;s operational performance and its reputation.
The Company's risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature
of these threats. As a result, cyber security and the continued development and enhancement of controls, processes and practices
designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company applies technical and process
controls in line with industry-accepted standards to protect information, assets and systems; however, these controls may not adequately
prevent cyber-security breaches. There is no assurance that the Company will not suffer losses associated with cyber-security breaches
in the future, and may be required to expend significant additional resources to investigate, mitigate and remediate any potential
vulnerabilities. As cyber threats continue to evolve, the Company may be required to expend additional resources to continue to
modify or enhance protective measures or to investigate and remediate any security vulnerabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dependence on Key Personnel and Qualified
and Experienced Employees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison&rsquo;s success depends on the
efforts and abilities of certain senior officers and key employees. Certain of Denison&rsquo;s employees have significant experience
in the uranium industry, and the number of individuals with significant experience in this industry is small. While Denison does
not foresee any reason why such officers and key employees will not remain with Denison, if for any reason they do not, Denison
could be adversely affected. Denison has not purchased key man life insurance for any of these individuals. Denison&rsquo;s success
also depends on the availability of qualified and experienced employees to work in Denison&rsquo;s operations and Denison&rsquo;s
ability to attract and retain such employees. In addition, Denison&rsquo;s ability to keep essential operating staff in place may
also be challenged as a result of potential COVID-19 outbreaks or quarantines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Conflicts of Interest</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of the directors and officers of Denison
are also directors of other companies that are similarly engaged in the business of acquiring, exploring and developing natural
resource properties. Such associations may give rise to conflicts of interest from time to time. In particular, one of the consequences
would be that corporate opportunities presented to a director or officer of Denison may be offered to another company or companies
with which the director or officer is associated, and may not be presented or made available to Denison. The directors and officers
of Denison are required by law to act honestly and in good faith with a view to the best interests of Denison, to disclose any
interest which they may have in any project or opportunity of Denison, and, where applicable for directors, to abstain from voting
on such matter. Conflicts of interest that arise will be subject to and governed by the procedures prescribed in the Company&rsquo;s
Code of Ethics and by the OBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Disclosure and Internal Controls</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Internal controls over financial reporting
are procedures designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against
unauthorized or improper use, and transactions are properly recorded and reported. Disclosure controls and procedures are designed
to ensure that information required to be disclosed by a company in reports filed with securities regulatory agencies is recorded,
processed, summarized and reported on a timely basis and is accumulated and communicated to the company&rsquo;s management, including
its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to
the reliability of reporting, including financial reporting and financial statement preparation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Potential Influence of KEPCO and
KHNP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective December 2016, KEPCO indirectly
transferred the majority of its interest in Denison to KHNP Canada. Denison and KHNP Canada subsequently entered into the KHNP
SRA (on substantially similar terms as the original strategic relationship agreement between Denison and KEPCO), pursuant to which
KHNP Canada is contractually entitled to representation on the Company&rsquo;s board of directors (the &ldquo;<B>Board</B>&rdquo;).
Provided KHNP Canada holds over 5% of the Common Shares, it is entitled to nominate one director for election to the Board at any
shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KHNP Canada&rsquo;s shareholding level
gives it a large vote on decisions to be made by shareholders of Denison, and its right to nominate a director may give KHNP Canada
influence on decisions made by Denison's Board. Although KHNP Canada&rsquo;s director nominee will be subject to duties under the
OBCA to act in the best interests of Denison as a whole, such director nominee is likely to be an employee of KHNP and he or she
may give special attention to KHNP&rsquo;s or KEPCO&rsquo;s interests as indirect Shareholders. The interests of KHNP and KEPCO,
as indirect Shareholders, may not always be consistent with the interests of other Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The KHNP SRA also includes provisions granting
KHNP Canada a right of first offer for certain asset sales and the right to be approached to participate in certain potential acquisitions.
The right of first offer and participation right of KHNP Canada may negatively affect Denison's ability or willingness to entertain
certain business opportunities, or the attractiveness of Denison as a potential party for certain business transactions. KEPCO&rsquo;s
large indirect shareholding block may also make Denison less attractive to third parties considering an acquisition of Denison
if those third parties are not able to negotiate terms with KEPCO or KHNP Canada to support such an acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United States investors may not be
able to obtain enforcement of civil liabilities against the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;The enforcement by investors of civil
liabilities under the United States federal or state securities laws may be affected adversely by the fact that the Company is
governed by the OBCA, that the majority of the Company&rsquo;s officers and directors are residents of Canada, and that all, or
a substantial portion, of their assets and the Company&rsquo;s assets are located outside the United States. It may not be possible
for investors to effect service of process within the United States on certain of its directors and officers or enforce judgments
obtained in the United States courts against the Company or certain of the Company&rsquo;s directors and officers based upon the
civil liability provisions of United States federal securities laws or the securities laws of any state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is some doubt as to whether a judgment
of a United States court based solely upon the civil liability provisions of United States federal or state securities laws would
be enforceable in Canada against the Company or its directors and officers. There is also doubt as to whether an original action
could be brought in Canada against the Company or its directors and officers to enforce liabilities based solely upon United States
federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the Company is characterized as
a passive foreign investment company, U.S. holders may be subject to adverse U.S. federal income tax consequences</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. investors should be aware that they
could be subject to certain adverse U.S. federal income tax consequences in the event that the Company is classified as a &ldquo;passive
foreign investment company&rdquo; (&ldquo;<B>PFIC</B>&rdquo;) for U.S. federal income tax purposes. The determination of whether
the Company is a PFIC for a taxable year depends, in part, on the application of complex U.S. federal income tax rules, which are
subject to differing interpretations, and the determination will depend on the composition of the Company&rsquo;s income, expenses
and assets from time to time and the nature of the activities performed by the Company&rsquo;s officers and employees. The Company
may be a PFIC in one or more prior tax years, in the current tax year and in subsequent tax years. Prospective investors should
carefully read the discussion below under the heading &ldquo;<I>Material United States Federal Income Tax Considerations for U.S.
Holders</I>&rdquo; and the tax discussion in any applicable prospectus supplement for more information and consult their own tax
advisors regarding the likelihood and consequences of the Company being treated as a PFIC for U.S. federal income tax purposes,
including the advisability of making certain elections that may mitigate certain possible adverse U.S. federal income tax consequences
that may result in an inclusion in gross income without receipt of such income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As a foreign private issuer, the
Company is subject to different U.S. securities laws and rules than a U.S. domestic issuer, which may limit the information publicly
available to U.S. investors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is a foreign private issuer
under applicable U.S. federal securities laws and, therefore, is not required to comply with all of the periodic disclosure and
current reporting requirements of the U.S. Exchange Act and related rules and regulations. As a result, the Company does not file
the same reports that a U.S. domestic issuer would file with the SEC, although it will be required to file with or furnish to the
SEC the continuous disclosure documents that the Company is required to file in Canada under Canadian securities laws. In addition,
the Company&rsquo;s officers, directors and principal shareholders are exempt from the reporting and &ldquo;short swing&rdquo;
profit recovery provisions of Section 16 of the U.S. Exchange Act. Therefore, the Company&rsquo;s securityholders may not know
on as timely a basis when its officers, directors and principal shareholders purchase or sell securities of the Company as the
reporting periods under the corresponding Canadian insider reporting requirements are longer. In addition, as a foreign private
issuer, the Company is exempt from the proxy rules under the U.S. Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may lose its foreign
private issuer status in the future, which could result in significant additional costs and expenses to the Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to maintain its current status
as a foreign private issuer, 50% or more of the Company&rsquo;s Common Shares must be directly or indirectly owned of record by
non-residents of the United States unless the Company also satisfies one of the additional requirements necessary to preserve this
status. The Company may in the future lose its foreign private issuer status if a majority of the Common Shares are owned of record
in the United States and the Company fails to meet the additional requirements necessary to avoid loss of foreign private issuer
status. The regulatory and compliance costs to the Company under U.S. federal securities laws as a U.S. domestic issuer may be
significantly more than the costs the Company incurs as a Canadian foreign private issuer eligible to use the multijurisdictional
disclosure system. If the Company is not a foreign private issuer, it would not be eligible to use the multijurisdictional disclosure
system or other foreign issuer forms and would be required to file periodic and current reports and registration statements on
U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Market Price of Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities of mining companies have experienced
substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies
involved. These factors include macroeconomic conditions in North America and globally, and market perceptions of the attractiveness
of particular industries. As noted above, global financial conditions continue to be subject to volatility arising from international
geopolitical developments and global economic phenomenon, as well as general financial market turbulence, including a significant
recent market reaction to the COVID-19 pandemic, resulting in a significant reduction in in many major market indices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of Denison's securities is also
likely to be significantly affected by short-term changes in commodity prices, other mineral prices, currency exchange fluctuation,
or changes in its financial condition or results of operations as reflected in its periodic earnings reports and/or news releases.
Other factors unrelated to the performance of Denison that may have an effect on the price of the securities of Denison include
the following: the extent of analytical coverage available to investors concerning the business of Denison; lessening in trading
volume and general market interest in Denison's securities; the size of Denison's public float and its inclusion in market indices
may limit the ability of some institutions to invest in Denison's securities; and a substantial decline in the price of the securities
of Denison that persists for a significant period of time could cause Denison's securities to be delisted from an exchange. If
an active market for the securities of Denison does not continue, the liquidity of an investor's investment may be limited and
the price of the securities of the Company may decline such that investors may lose their entire investment in the Company. As
a result of any of these factors, the market price of the securities of Denison at any given point in time may not accurately reflect
the long-term value of Denison. Securities class-action litigation often has been brought against companies following periods of
volatility in the market price of their securities. Denison may in the future be the target of similar litigation. Securities litigation
could result in substantial costs and damages and divert management's attention and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Future Sales of Common Shares by
Existing Shareholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a large number of Common Shares
in the public markets, or the potential for such sales, could decrease the trading price of the Common Shares and could impair
the Company's ability to raise capital through future sales of Common Shares. In particular, to the knowledge of the Company, KHNP
Canada holds approximately 9.31% of the issued and outstanding Common Shares. If KHNP Canada decides to liquidate all or a significant
portion of its position, it could adversely affect the price of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dilution from Further Issuances </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While active in exploring for new uranium
discoveries in the Athabasca Basin region, Denison's present focus is on advancing the Wheeler River project to a development decision,
with the potential to become the next large-scale uranium producer in Canada. Denison will require additional funds to further
such activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison may sell additional equity securities
(including through the sale of securities convertible into Common Shares) and may issue additional debt or equity securities to
finance its exploration, evaluation, development and other operations, acquisitions or other projects. Denison is authorized to
issue an unlimited number of Common Shares. Denison cannot predict the size of future sales and issuances of debt or equity securities
or the effect, if any, that future sales and issuances of debt or equity securities will have on the market price of the Common
Shares. Sales or issuances of a substantial number of equity securities, or the perception that such sales could occur, may adversely
affect prevailing market prices for the Common Shares. With any additional sale or issuance of equity securities, investors may
suffer dilution of their voting power and it could reduce the value of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Proceeds</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While detailed information regarding the
use of proceeds from the sale of our securities will be described in the applicable prospectus supplement, we will have broad discretion
over the use of the net proceeds from an offering of our securities. Because of the number and variability of factors that will
determine our use of such proceeds, the Company&rsquo;s ultimate use might vary substantially from its planned use. You may not
agree with how we allocate or spend the proceeds from an offering of our securities. We may pursue acquisitions, collaborations
or other opportunities that do not result in an increase in the market value of our securities, including the market value of our
Common Shares, and that may increase our losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>No Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not declared or paid any regular
dividends on our Common Shares. Our current business plan requires that for the foreseeable future, any future earnings be reinvested
to finance the growth and development of our business. We do not intend to pay cash dividends on the Common Shares in the foreseeable
future. We will not declare or pay any cash dividends until such time as our cash flow exceeds our capital requirements and will
depend upon, among other things, conditions then existing including earnings, financial condition, restrictions in financing arrangements,
business opportunities and conditions and other factors, or our Board determines that our shareholders could make better use of
the cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Market for Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is currently no market through which
our securities, other than our Common Shares, may be sold and, unless otherwise specified in the applicable prospectus supplement,
our subscription receipts, units, debt securities, share purchase contracts or warrants will not be listed on any securities or
stock exchange or any automated dealer quotation system. As a consequence, purchasers may not be able to resell subscription receipts,
units, debt securities, share purchase contracts or warrants purchased under this prospectus. This may affect the pricing of our
securities, other than our Common Shares, in the secondary market, the transparency and availability of trading prices, the liquidity
of these securities and the extent of issuer regulation. There can be no assurance that an active trading market will develop for
the aforementioned securities, or if developed, that such a market will be sustained at the price level at which it was offered.
The liquidity of the trading market in those securities, and the market price quoted of those securities, may be adversely affected
by, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the overall market for those securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in our financial performance or prospects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes or perceived changes in our creditworthiness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the prospects for companies in the industry generally;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of holders of those securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the interest of securities dealers in making a market for those securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4in"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">prevailing interest rates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that fluctuations
in the trading price will not materially adversely impact our ability to raise equity funding without significant dilution to our
existing shareholders, or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Unsecured Debt Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in the applicable
prospectus supplement, the debt securities will be unsecured and will rank equally in right of payment with all of our other existing
and future unsecured debt. The debt securities will be effectively subordinated to all of our existing and future secured debt
to the extent of the assets securing such debt. If we are involved in any bankruptcy, dissolution, liquidation or reorganization,
the secured debt holders would, to the extent of the value of the assets securing the secured debt, be paid before the holders
of unsecured debt securities, including the debt securities. In that event, a holder of debt securities may not be able to recover
any principal or interest due to it under the debt securities. See &ldquo;<I>Description of Debt Securities</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Liquidity of Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of the Company may be unable
to sell significant quantities of Common Shares into the public trading markets without a significant reduction in the price of
their Common Shares, or at all. There can be no assurance that there will be sufficient liquidity of the Company&rsquo;s Common
Shares on the trading market, and that the Company will continue to meet the listing requirements of the TSX or the NYSE American
or achieve listing on any other public listing exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dilution from Exercise of Outstanding
Stock Options and Warrants or Settlement of Share Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has stock options and warrants
issued, representing a right to receive Common Shares upon their exercise. In addition, the Company has share units issued, representing
a right to receive Common Shares on vesting and satisfaction of the settlement conditions. The exercise of the stock options or
warrants or the settlement of the share units and the subsequent resale of such Common Shares in the public market could adversely
affect the prevailing market price and the Company&rsquo;s ability to raise equity capital in the future at a time and price which
deems it appropriate. The Company may also enter into commitments in the future which would require the issuance of additional
Common Shares or may grant share purchase warrants and the Company is expected to grant additional stock options and share units.
Any share issuances from the Company&rsquo;s treasury will result in immediate dilution to existing Shareholders&rsquo; percentage
interest in the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="useofproceeds"></A>USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless we otherwise indicate in a prospectus
supplement, we currently intend to use the net proceeds from any sale of our securities to advance business objectives outlined
in this prospectus and the documents incorporated by reference herein, for working capital requirements and for exploration and
development of the Company&rsquo;s mineral property interests, including but not limited to the development of the Wheeler River
project through to the envisioned start of commercial production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to raise additional funds to finance
future growth opportunities, we may, from time to time, issue securities. More detailed information regarding the use of proceeds
from the sale of securities, including any determinable milestones at the applicable time, will be described in a prospectus supplement.
We may also, from time to time, issue securities otherwise than pursuant to a prospectus supplement to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="consolidatedcapitalization"></A>CONSOLIDATED
CAPITALIZATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no material changes
in our consolidated share or debt capital since March 31, 2020, the date of our financial statements for the most recently completed
financial period, other than the issuance and sale of 28,750,000 Common Shares pursuant to a recent public offering, which closed
on April 9, 2020 and the issuance of an aggregate of 539,750 restricted share units to certain employees of the Corporation, as
bonus compensation for 2019 performance in lieu of cash compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="priorsales"></A>PRIOR SALES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information in respect of our Common Shares
that we issued within the previous 12-month period, including Common Shares that we issued either upon the exercise of options,
or which were granted under our Stock Option Plan, or any other equity compensation plan, will be provided as required in a prospectus
supplement with respect to the issuance of securities pursuant to such prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="tradingprice"></A>TRADING
PRICE AND VOLUME</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Common Shares are listed
and posted for trading on the TSX under the symbol &ldquo;DML&rdquo; and NYSE American under the symbol &ldquo;DNN&rdquo;. Trading
price and volume of the Company&rsquo;s securities will be provided as required for all of our Common Shares, as applicable, in
each prospectus supplement to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofsharecapital"></A>DESCRIPTION
OF SHARE CAPITAL</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The authorized share capital of the
Company consists of an unlimited number of Common Shares. As of the date of this prospectus, there were 626,057,148 Common Shares
issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, as of the date of this
prospectus, there were 15,885,743 Common Shares issuable upon the exercise of outstanding stock options at a weighted average
exercise price of C$0.6649, and 8,145,187 Common shares issuable upon the conversion of outstanding share units, for a total of
650,088,078 Common Shares on a fully-diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our Common Shares rank equally as
to voting rights, participation in a distribution of the assets of the Company on a liquidation, dissolution or winding-up of the
Company and entitlement to any dividends declared by the Company. The holders of our Common Shares are entitled to receive notice
of, and to attend and vote at, all meetings of shareholders (other than meetings at which only holders of another class or series
of shares are entitled to vote). Each Common Share carries the right to one vote. In the event of the liquidation, dissolution
or winding-up of the Company, the holders of our Common Shares will be entitled to receive, on a <I>pro rata</I> basis, all of
the assets remaining after the payment by the Company of all of its liabilities. The holders of our Common Shares are entitled
to receive any dividends declared by the Company in respect of the Common Shares, subject to the rights of holders of other classes
ranking in priority to our Common Shares with respect to the payment of dividends, on a <I>pro rata</I> basis. The Common Shares
do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.
Any alteration of the rights attached to our Common Shares must be approved by at least two-thirds of the Common Shares voted at
a meeting of our shareholders. Provisions as to the modification, amendment or variation of such rights or provisions are contained
in our bylaws and in the OBCA. See &ldquo;<I>Risk Factors</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofsubscriptionreceipts"></A>DESCRIPTION
OF SUBSCRIPTION RECEIPTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison may issue subscription receipts
separately or in combination with one or more other securities. The subscription receipts will entitle holders thereof to receive,
upon satisfaction of certain Release Conditions (as defined herein) and for no additional consideration, Common Shares, warrants
or any combination thereof. Subscription receipts will be issued pursuant to one or more subscription receipt agreements (each,
a &ldquo;<B>Subscription Receipt Agreement</B>&rdquo;), each to be entered into between the Company and an escrow agent (the &ldquo;<B>Escrow
Agent</B>&rdquo;) that will be named in the relevant prospectus supplement. Each Escrow Agent will be a financial institution organized
under the laws of Canada or a province thereof and authorized to carry on business as a trustee. If underwriters or agents are
used in the sale of any subscription receipts, one or more of such underwriters or agents may also be a party to the Subscription
Receipt Agreement governing the subscription receipts sold to or through such underwriter or agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description sets forth certain
general terms and provisions of subscription receipts that may be issued hereunder and is not intended to be complete. The statements
made in this prospectus relating to any Subscription Receipt Agreement and subscription receipts to be issued thereunder are summaries
of certain anticipated provisions thereof and are subject to, and are qualified in their entirety by reference to, all provisions
of the applicable Subscription Receipt Agreement. Prospective investors should refer to the Subscription Receipt Agreement relating
to the specific subscription receipts being offered for the complete terms of the subscription receipts. Denison will file a copy
of any Subscription Receipt Agreement relating to an offering of subscription receipts with the securities commissions or similar
regulatory authorities in applicable Canadian offering jurisdictions and in the United States, after it has been entered into,
and such Subscription Receipt Agreement will be available electronically on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement and the Subscription
Receipt Agreement for any subscription receipts that the Company may offer will describe the specific terms of the subscription
receipts offered. This description may include, but may not be limited to, any of the following, if applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of subscription receipts being offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the subscription receipts will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation, number and terms of the Common Shares, warrants or a combination thereof to be
received by the holders of subscription receipts upon satisfaction of the Release Conditions (as defined herein), and any procedures
that will result in the adjustment of those numbers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the conditions that must be met in order for holders of subscription receipts to receive, for no
additional consideration, the Common Shares, warrants or a combination thereof (the &ldquo;<B>Release Conditions</B>&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the procedures for the issuance and delivery of the Common Shares, warrants or a combination thereof
to holders of subscription receipts upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether any payments will be made to holders of subscription receipts upon delivery of the Common
Shares, warrants or a combination thereof upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the identity of the Escrow Agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will hold all or a portion of the gross proceeds
from the sale of subscription receipts, together with interest and income earned thereon (collectively, the &ldquo;<B>Escrowed
Funds</B>&rdquo;), pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions pursuant to which the Escrow Agent will hold Common Shares, warrants or
a combination thereof pending satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms and conditions under which the Escrow Agent will release all or a portion of the Escrowed
Funds to the Company upon satisfaction of the Release Conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the subscription receipts are sold to or through underwriters or agents, the terms and conditions
under which the Escrow Agent will release a portion of the Escrowed Funds to such underwriters or agents in payment of all or a
portion of their fees or commissions in connection with the sale of the subscription receipts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">procedures for the refund by the Escrow Agent to holders of subscription receipts of all or a portion
of the subscription price of their subscription receipts, plus any <I>pro rata</I> entitlement to interest earned or income generated
on such amount, if the Release Conditions are not satisfied;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any contractual right of rescission to be granted to initial purchasers of subscription receipts
in the event that this prospectus, the prospectus supplement under which subscription receipts are issued or any amendment hereto
or thereto contains a misrepresentation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any entitlement of Denison to purchase the subscription receipts in the open market by private
agreement or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the subscription receipts as global securities and, if so, the identity
of the depository for the global securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue the subscription receipts as bearer securities, as registered securities
or both;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provisions as to modification, amendment or variation of the Subscription Receipt Agreement or
any rights or terms of the subscription receipts, including upon any subdivision, consolidation, reclassification or other material
change of the Common Shares, warrants or other Denison securities, any other reorganization, amalgamation, merger or sale of all
or substantially all of the Company&rsquo;s assets or any distribution of property or rights to all or substantially all of the
holders of Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will apply to list the subscription receipts on a securities exchange or automated
interdealer quotation system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material U.S. and Canadian federal income tax consequences of owning the subscription receipts;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the subscription receipts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers of subscription receipts
will have a contractual right of rescission against the Company in respect of the purchase and conversion of the subscription receipt.
The contractual right of rescission will entitle such original purchasers to receive the amount paid on original purchase of the
subscription receipt and the additional amount paid upon conversion, if any, upon surrender of the underlying securities gained
thereby, in the event that this prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the conversion
takes place within 180 days of the date of the purchase of the subscription receipt under this prospectus; and (ii) the right of
rescission is exercised within 180 days of the date of purchase of the subscription receipt under this prospectus. This contractual
right of rescission will be consistent with the statutory right of rescission described under section 130 of the <I>Securities
Act</I> (Ontario), and is in addition to any other right or remedy available to original purchasers under section 130 of the <I>Securities
Act</I> (Ontario) or otherwise at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Rights of Holders of Subscription Receipts
Prior to Satisfaction of Release Conditions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of subscription receipts will
not be, and will not have the rights of, shareholders of Denison. Holders of subscription receipts are entitled only to receive
Common Shares, warrants or a combination thereof on exchange of their subscription receipts, plus any cash payments, all as provided
for under the Subscription Receipt Agreement and only once the Release Conditions have been satisfied. If the Release Conditions
are not satisfied, holders of subscription receipts shall be entitled to a refund of all or a portion of the subscription price
thereof and all or a portion of the <I>pro rata</I> share of interest earned or income generated thereon, as provided in the Subscription
Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Escrow</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
provide that the Escrowed Funds will be held in escrow by the Escrow Agent, and such Escrowed Funds will be released to the Company
(and, if the subscription receipts are sold to or through underwriters or agents, a portion of the Escrowed Funds may be released
to such underwriters or agents in payment of all or a portion of their fees in connection with the sale of the subscription receipts)
at the time and under the terms specified by the Subscription Receipt Agreement. If the Release Conditions are not satisfied, holders
of subscription receipts will receive a refund of all or a portion of the subscription price for their subscription receipts, plus
their <I>pro rata</I> entitlement to interest earned or income generated on such amount, if provided for in the Subscription Receipt
Agreement, in accordance with the terms of the Subscription Receipt Agreement. Common Shares or warrants may be held in escrow
by the Escrow Agent and will be released to the holders of subscription receipts following satisfaction of the Release Conditions
at the time and under the terms specified in the Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
specify the terms upon which modifications and alterations to the subscription receipts issued thereunder may be made by way of
a resolution of holders of subscription receipts at a meeting of such holders or consent in writing from such holders. The number
of holders of subscription receipts required to pass such a resolution or execute such a written consent will be specified in the
Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Subscription Receipt Agreement will
also specify that the Company may amend any Subscription Receipt Agreement and the subscription receipts, without the consent of
the holders of the subscription receipts, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision,
or in any other manner that will not materially and adversely affect the interests of the holders of outstanding subscription receipts
or as otherwise specified in the Subscription Receipt Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofunits"></A>DESCRIPTION
OF UNITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Denison may issue units, which may consist
of one or more Common Shares, warrants or any combination of securities as is specified in the relevant prospectus supplement.
In addition, the relevant prospectus supplement relating to an offering of units will describe all material terms of any units
offered, including, as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of units being offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the units will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation, number and terms of the securities comprising the units and any agreement governing
the units;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the securities comprising the units will be transferable
separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will apply to list the units on a securities exchange or automated interdealer
quotation system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material U.S. and Canadian federal income tax consequences of owning the units, including how the
purchase price paid for the units will be allocated among the securities comprising the units; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the units.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofdebtsecurities"></A>DESCRIPTION
OF DEBT SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this description of debt securities,
 &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo; or &ldquo;the Company&rdquo; refers to Denison Mines Corp., but not to its
subsidiaries. This section describes the general terms that will apply to any debt securities issued pursuant to this prospectus.
We may issue debt securities in one or more series under an indenture, or the indenture, to be entered into between us and one
or more trustees. The indenture will be subject to and governed by the United States <I>Trust Indenture Act of 1939</I>, as amended
(the &ldquo;<B>Trust Indenture Act</B>&rdquo;) and the OBCA. A copy of the form of the indenture will be filed with the SEC as
an exhibit to the registration statement of which this prospectus forms a part. The following description sets forth certain general
terms and provisions of the debt securities and is not intended to be complete. For a more complete description, prospective investors
should refer to the indenture and the terms of the debt securities. If debt securities are issued, we will describe in the applicable
prospectus supplement the particular terms and provisions of any series of the debt securities and a description of how the general
terms and provisions described below may apply to that series of the debt securities. Prospective investors should rely on information
in the applicable prospectus supplement and not on the following information to the extent that the information in such prospectus
supplement is different from the following information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&#8239;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities and incur
additional indebtedness other than through the offering of debt securities pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture will not limit the aggregate
principal amount of debt securities that we may issue under the indenture and will not limit the amount of other indebtedness that
we may incur. The indenture will provide that we may issue debt securities from time to time in one or more series and may be denominated
and payable in U.S. dollars, Canadian dollars or any foreign currency. Unless otherwise indicated in the applicable prospectus
supplement, the debt securities will be our unsecured obligations. The indenture will also permit us to increase the principal
amount of any series of the debt securities previously issued and to issue that increased principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement for
any series of debt securities that we offer will describe the specific terms of the debt securities and may include, but is not
limited to, any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate principal amount of the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the percentage of principal amount at which the debt securities will be issued;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether payment on the debt securities will be senior or subordinated to our other liabilities
or obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the payment of the debt securities will be guaranteed by one or more affiliates or associates
of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, or the methods by which such dates will be determined or extended, on which
we may issue the debt securities and the date or dates, or the methods by which such dates will be determined or extended, on which
we will pay the principal and any premium on the debt securities and the portion (if less than the principal amount) of debt securities
to be payable upon a declaration of acceleration of maturity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the debt securities will bear interest, the interest rate (whether fixed or variable) or
the method of determining the interest rate, the date from which interest will accrue, the dates on which we will pay interest
and the record dates for interest payments, or the methods by which such dates will be determined or extended;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the place or places we will pay principal, premium, if any, and interest and the place or places
where debt securities can be presented for registration of transfer or exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether and under what circumstances we will be required to pay any additional amounts for withholding
or deduction for Canadian taxes with respect to the debt securities, and whether and on what terms we will have the option to redeem
the debt securities rather than pay the additional amounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will be obligated to redeem or repurchase the debt securities pursuant to any sinking
or purchase fund or other provisions, or at the option of a holder and the terms and conditions of such redemption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we may redeem the debt securities at our option and the terms and conditions of any such
redemption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the denominations in which we will issue any registered debt securities, if other than denominations
of U.S.$1,000 and any multiple of U.S.$l,000 and, if other than denominations of U.S.$5,000, the denominations in which any unregistered
debt security shall be issuable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will make payments on the debt securities in a currency or currency unit other than
U.S. dollars or by delivery of our Common Shares or other property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether payments on the debt securities will be payable with reference to any index or formula;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will issue the debt securities as global securities and, if so, the identity of the
depositary for the global securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will issue the debt securities as unregistered securities (with or without coupons),
registered securities or both;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the periods within which and the terms and conditions, if any, upon which we may redeem the debt
securities prior to maturity and the price or prices of which and the currency or currency units in which the debt securities are
payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any changes or additions to events of default or covenants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the applicability of, and any changes or additions to, the provisions for defeasance described
under &ldquo;<I>Defeasance</I>&rdquo; below;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the holders of any series of debt securities have special rights if specified events occur;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any mandatory or optional redemption or sinking fund or analogous provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms, if any, for any conversion or exchange of the debt securities for any other securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">rights, if any, on a change of control;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provisions as to modification, amendment or variation of any rights or terms attaching to the debt
securities;&nbsp;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material U.S. and Canadian federal income tax consequences of owning the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms, conditions, rights and preferences (or limitations on such rights and preferences)
including covenants and events of default which apply solely to a particular series of the debt securities being offered which
do not apply generally to other debt securities, or any covenants or events of default generally applicable to the debt securities
which do not apply to a particular series of the debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any debt securities being offered will
be guaranteed by one or more affiliates or associates of the Company, (i) the prospectus supplement relating to such offering will
include the credit supporter disclosure required by section 12.1 of Form 44-101F1 or, if applicable, will disclose that the Company
is relying on an exemption in item 13 of Form 44-101F1 from providing such credit supporter disclosure, and (ii) the prospectus
supplement relating to such offering will include certificates signed by each credit supporter as required by section 5.12 of National
Instrument 41-101 &ndash; <I>General Prospectus Requirements</I>. The Company has filed with this prospectus the undertaking required
by paragraph 4.2(a)(ix) of NI 44-101 to file the periodic and timely disclosure of each credit supporter similar to the disclosure
required under section 12.1 of Form 44- 101F1 for so long as the securities being distributed are issued and outstanding, unless
the Company is relying on an exemption in item 13 of Form 44-101F1 from providing such credit supporter disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless stated otherwise in the applicable
prospectus supplement, no holder of debt securities will have the right to require us to repurchase the debt securities and there
will be no increase in the interest rate if we become involved in a highly leveraged transaction or we have a change of control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities bearing no
interest or interest at a rate below the prevailing market rate at the time of issuance, and offer and sell these securities at
a discount below their stated principal amount. We may also sell any of the debt securities for a foreign currency or currency
unit, and payments on the debt securities may be payable in a foreign currency or currency unit. In any of these cases, we will
describe certain Canadian federal and U.S. federal income tax consequences and other special considerations in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities with terms
different from those of debt securities previously issued and, without the consent of the holders thereof, we may reopen a previous
issue of a series of debt securities and issue additional debt securities of such series (unless the reopening was restricted when
such series was created).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers of debt securities
which are convertible into or exchangeable for other securities of the Company will be granted a contractual right of rescission
against the Company in respect of the purchase and conversion or exchange of such debt security. The contractual right of rescission
will entitle such original purchasers to receive the amount paid on original purchase of the debt security and the amount paid
upon conversion or exchange, upon surrender of the underlying securities gained thereby, in the event that this prospectus (as
supplemented or amended) contains a misrepresentation, provided that: (i) the conversion or exchange takes place within 180 days
of the date of the purchase of the convertible or exchangeable security under this prospectus; and (ii) the right of rescission
is exercised within 180 days of the date of the purchase of the convertible or exchangeable security under this prospectus. This
contractual right of rescission will be consistent with the statutory right of rescission described under section 130 of the <I>Securities
Act</I> (Ontario), and is in addition to any other right or remedy available to original purchasers under section 130 of the <I>Securities
Act</I> (Ontario) or otherwise at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt Securities in Global Form</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><U>The
Depositary and Book-Entry</U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable
prospectus supplement, a series of the debt securities may be issued in whole or in part in global form as a &ldquo;global security&rdquo;
and will be registered in the name of and be deposited with a depositary, or its nominee, each of which will be identified in the
applicable prospectus supplement relating to that series. Unless and until exchanged, in whole or in part, for the debt securities
in definitive registered form, a global security may not be transferred except as a whole by the depositary for such global security
to a nominee of the depositary, by a nominee of the depositary to the depositary or another nominee of the depositary or by the
depositary or any such nominee to a successor of the depositary or a nominee of the successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific terms of the depositary arrangement
with respect to any portion of a particular series of the debt securities to be represented by a global security will be described
in the applicable prospectus supplement relating to such series. We anticipate that the provisions described in this section will
apply to all depositary arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the issuance of a global security,
the depositary therefor or its nominee will credit, on its book entry and registration system, the respective principal amounts
of the debt securities represented by the global security to the accounts of such persons, designated as &ldquo;participants&rdquo;,
having accounts with such depositary or its nominee. Such accounts shall be designated by the underwriters, dealers or agents participating
in the distribution of the debt securities or by us if such debt securities are offered and sold directly by us. Ownership of beneficial
interests in a global security will be limited to participants or persons that may hold beneficial interests through participants.
Ownership of beneficial interests in a global security will be shown on, and the transfer of that ownership will be effected only
through, records maintained by the depositary therefor or its nominee (with respect to interests of participants) or by participants
or persons that hold through participants (with respect to interests of persons other than participants). The laws of some states
in the United&nbsp;States may require that certain purchasers of securities take physical delivery of such securities in definitive
form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So long as the depositary for a global
security or its nominee is the registered owner of the global security, such depositary or such nominee, as the case may be, will
be considered the sole owner or holder of the debt securities represented by the global security for all purposes under the indenture.
Except as provided below, owners of beneficial interests in a global security will not be entitled to have a series of the debt
securities represented by the global security registered in their names, will not receive or be entitled to receive physical delivery
of such series of the debt securities in definitive form and will not be considered the owners or holders thereof under the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any payments of principal, premium, if
any, and interest, if any, on global securities registered in the name of a depositary or its nominee will be made to the depositary
or its nominee, as the case may be, as the registered owner of the global security representing such debt securities. None of us,
the trustee or any paying agent for the debt securities represented by the global securities will have any responsibility or liability
for any aspect of the records relating to or payments made on account of beneficial ownership interests of the global security
or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that the depositary for a global
security or its nominee, upon receipt of any payment of principal, premium, if any, or interest, if any, will credit participants&rsquo;
accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of the global
security as shown on the records of such depositary or its nominee. We also expect that payments by participants to owners of beneficial
interests in a global security held through such participants will be governed by standing instructions and customary practices,
as is now the case with securities held for the accounts of customers registered in &ldquo;street name&rdquo;, and will be the
responsibility of such participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal"><U>Discontinuance
of Depositary&rsquo;s Services</U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a depositary for a global security representing
a particular series of the debt securities is at any time unwilling or unable to continue as depositary and a successor depositary
is not appointed by us within 90&nbsp;days, we will issue such series of the debt securities in definitive form in exchange for
a global security representing such series of the debt securities. If an event of default under the indenture has occurred and
is continuing, debt securities in definitive form will be printed and delivered upon written request by the holder to the trustee.
In addition, we may at any time and in our sole discretion determine not to have a series of the debt securities represented by
a global security and, in such event, will issue a series of the debt securities in definitive form in exchange for all of the
global securities representing that series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt Securities in Definitive Form</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A series of the debt securities may be
issued in definitive form, solely as registered securities, solely as unregistered securities or as both registered securities
and unregistered securities. Registered securities will be issuable in denominations of U.S.$1,000 and integral multiples of U.S.$1,000
and unregistered securities will be issuable in denominations of U.S.$5,000 and integral multiples of U.S.$5,000 or, in each case,
in such other denominations as may be set out in the terms of the debt securities of any particular series. Unless otherwise indicated
in the applicable prospectus supplement, unregistered securities will have interest coupons attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in the applicable
prospectus supplement, payment of principal, premium, if any, and interest, if any, on the debt securities (other than global securities)
will be made at the office or agency of the trustee, or at our option we can pay principal, interest, if any, and premium, if any,
by check mailed or delivered to the address of the person entitled at the address appearing in the security register of the trustee
or electronic funds wire or other transmission to an account of the person entitled to receive payments. Unless otherwise indicated
in the applicable prospectus supplement, payment of interest, if any, will be made to the persons in whose name the debt securities
are registered at the close of business on the day or days specified by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the option of the holder of debt securities,
registered securities of any series will be exchangeable for other registered securities of the same series, of any authorized
denomination and of a like aggregate principal amount and tenor. If, but only if, provided in an applicable prospectus supplement,
unregistered securities (with all unmatured coupons, except as provided below, and all matured coupons in default) of any series
may be exchanged for registered securities of the same series, of any authorized denominations and of a like aggregate principal
amount and tenor. In such event, unregistered securities surrendered in a permitted exchange for registered securities between
a regular record date or a special record date and the relevant date for payment of interest shall be surrendered without the coupon
relating to such date for payment of interest, and interest will not be payable on such date for payment of interest in respect
of the registered security issued in exchange for such unregistered security, but will be payable only to the holder of such coupon
when due in accordance with the terms of the indenture. Unless otherwise specified in an applicable prospectus supplement, unregistered
securities will not be issued in exchange for registered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement may
indicate the places to register a transfer of the debt securities in definitive form. Except for certain restrictions set forth
in the indenture, no service charge will be payable by the holder for any registration of transfer or exchange of the debt securities
in definitive form, but we may, in certain instances, require a sum sufficient to cover any tax or other governmental charges payable
in connection with these transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We shall not be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">issue, register the transfer of or exchange any series of the debt securities in definitive form
during a period beginning at the opening of business 15 days before any selection of securities of that series of the debt securities
to be redeemed and ending on the relevant redemption date if the debt securities for which such issuance, registration or exchange
is requested may be among those selected for redemption;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">register the transfer of or exchange any registered security in definitive form, or portion thereof,
called for redemption, except the unredeemed portion of any registered security being redeemed in part;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exchange any unregistered security called for redemption except to the extent that such unregistered
security may be exchanged for a registered security of that series and like tenor; provided that such registered security will
be simultaneously surrendered for redemption with written instructions for payment consistent with the provisions of the indenture;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">issue, register the transfer of or exchange any of the debt securities in definitive form which
have been surrendered for repayment at the option of the holder, except the portion, if any, thereof not to be so repaid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Events of Default</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable
prospectus supplement relating to a particular series of debt securities, the following is a summary of events which will, with
respect to any series of the debt securities, constitute an event of default under the indenture with respect to the debt securities
of that series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to pay principal of, or any premium on, any debt security of that series when it is due
and payable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to pay interest or any additional amounts payable on any debt security of that series when
it becomes due and payable, and such default continues for 30 days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to make any required sinking fund or analogous payment for that series of debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to observe or perform any of the covenants described in the section above &ldquo;<I>Merger,
Amalgamation or Consolidation</I>&rdquo; for a period of 30 days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we fail to comply with any of our other agreements in the indenture that affect or are applicable
to the debt securities for 60 days after written notice by the trustee or to us and the trustee by holders of at least 25% in aggregate
principal amount of the outstanding debt securities of any series affected thereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a default (as defined in any indenture or instrument under which we or one of our subsidiaries
has at the time of the indenture relating to this prospectus or will thereafter have outstanding any indebtedness) has occurred
and is continuing, or we or any of our subsidiaries has failed to pay principal amounts with respect to such indebtedness at maturity
and such event of default or failure to pay has resulted in such indebtedness under such indentures or instruments being declared
due, payable or otherwise being accelerated, in either event so that an amount in excess of the greater of U.S.$5,000,000 and 2%
of our shareholders&rsquo; equity will be or become due, payable and accelerated upon such declaration or prior to the date on
which the same would otherwise have become due, payable and accelerated, or the accelerated indebtedness, and such acceleration
will not be rescinded or annulled, or such event of default or failure to pay under such indenture or instrument will not be remedied
or cured, whether by payment or otherwise, or waived by the holders of such accelerated indebtedness, then (i)&nbsp;if the accelerated
indebtedness will be as a result of an event of default which is not related to the failure to pay principal or interest on the
terms, at the times, and on the conditions set out in any such indenture or instrument, it will not be considered an event of default
for the purposes of the indenture governing the debt securities relating to this prospectus until 30&nbsp;days after such indebtedness
has been accelerated, or (ii)&nbsp;if the accelerated indebtedness will occur as a result of such failure to pay principal or interest
or as a result of an event of default which is related to the failure to pay principal or interest on the terms, at the times,
and on the conditions set out in any such indenture or instrument, then (A)&nbsp;if such accelerated indebtedness is, by its terms,
non-recourse to us or our subsidiaries, it will be considered an event of default for purposes of the indenture governing the debt
securities relating to this prospectus; or (B)&nbsp;if such accelerated indebtedness is recourse to us or our subsidiaries, any
requirement in connection with such failure to pay or event of default for the giving of notice or the lapse of time or the happening
of any further condition, event or act under such indenture or instrument in connection with such failure to pay or event of default
will be applicable together with an additional seven days before being considered an event of default for the purposes of the indenture
relating to this prospectus;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain events involving our bankruptcy, insolvency or reorganization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other event of default provided for in that series of debt securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A default under one series of debt securities
will not necessarily be a default under another series. The trustee may withhold notice to the holders of the debt securities of
any default, except in the payment of principal or premium, if any, or interest, if any, if in good faith it considers it in the
interests of the holders to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an event of default for any series of
debt securities occurs and continues, the trustee or the holders of at least 25% in aggregate principal amount of the debt securities
of that series, subject to any subordination provisions, may require us to repay immediately:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the entire principal and interest and premium, if any, of the debt securities of the series;&nbsp;or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the debt securities are discounted securities, that portion of the principal as is described
in the applicable prospectus supplement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an event of default relates to events
involving our bankruptcy, insolvency or reorganization, the principal of all debt securities will become immediately due and payable
without any action by the trustee or any holder. Subject to certain conditions, the holders of a majority of the aggregate principal
amount of the debt securities of the affected series can rescind this accelerated payment requirement. If debt securities are discounted
securities, the applicable prospectus supplement will contain provisions relating to the acceleration of maturity of a portion
of the principal amount of the discounted securities upon the occurrence or continuance of an event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than its duties in case of a default,
the trustee is not obligated to exercise any of the rights or powers that it will have under the indenture at the request, order
or direction of any holders, unless the holders offer the trustee reasonable indemnity. If they provide this reasonable indemnity,
the holders of a majority in aggregate principal amount of any series of debt securities may, subject to certain limitations, direct
the time, method and place of conducting any proceeding or any remedy available to the trustee, or exercising any power conferred
upon the trustee, for any series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be required to furnish to the trustee
a statement annually as to our compliance with all conditions and covenants under the indenture and, if we are not in compliance,
we must specify any defaults. We will also be required to notify the trustee as soon as practicable upon becoming aware of any
event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No holder of a debt security of any series
will have any right to institute any proceeding with respect to the indenture, or for the appointment of a receiver or a trustee,
or for any other remedy, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder has previously given to the trustee written notice of a continuing event of default
with respect to the debt securities of the affected series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holders of at least 25% in principal amount of the outstanding debt securities of the series
affected by an event of default have made a written request, and the holders have offered reasonable indemnity, to the trustee
to institute a proceeding as trustee; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the trustee has failed to institute a proceeding, and has not received from the holders of a majority
in aggregate principal amount of the outstanding debt securities of the series affected by an event of default a direction inconsistent
with the request, within 60 days after their notice, request and offer of indemnity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, such above-mentioned limitations
do not apply to a suit instituted by the holder of a debt security for the enforcement of payment of the principal of or any premium,
if any, or interest on such debt security on or after the applicable due date specified in such debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Defeasance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When we use the term &ldquo;defeasance&rdquo;,
we mean discharge from some or all of our obligations under the indenture. Unless otherwise specified in the applicable prospectus
supplement, if we deposit with the trustee sufficient cash or government securities to pay the principal, interest, if any, premium,
if any, and any other sums due to the stated maturity date or a redemption date of the debt securities of a series, then at our
option:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will be discharged from the obligations with respect to the debt securities of that series;&nbsp;or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will no longer be under any obligation to comply with certain restrictive covenants under the
indenture, and certain events of default will no longer apply to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this happens, the holders of the debt
securities of the affected series will not be entitled to the benefits of the indenture except for registration of transfer and
exchange of debt securities and the replacement of lost, stolen or mutilated debt securities. These holders may look only to the
deposited fund for payment on their debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To exercise our defeasance option, we must
deliver to the trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an opinion of counsel in the United States to the effect that the holders of the outstanding debt
securities of the affected series will not recognize a gain or loss for U.S. federal income tax purposes as a result of a defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if the defeasance had not occurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an opinion of counsel in Canada or a ruling from the Canada Revenue Agency to the effect that the
holders of the outstanding debt securities of the affected series will not recognize income, or a gain or loss for Canadian federal,
provincial or territorial income or other tax purposes as a result of a defeasance and will be subject to Canadian federal, provincial
or territorial income tax and other tax on the same amounts, in the same manner and at the same times as would have been the case
had the defeasance not occurred; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a certificate of one of our officers and an opinion of counsel, each stating that all conditions
precedent provided for relating to defeasance have been complied with.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are to be discharged from our obligations
with respect to the debt securities, and not just from our covenants, the U.S. opinion must be based upon a ruling from or published
by the United States Internal Revenue Service or a change in law to that effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the delivery of the opinions
described above, the following conditions must be met before we may exercise our defeasance option:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">no event of default or event that, with the passing of time or the giving of notice, or both, shall
constitute an event of default shall have occurred and be continuing for the debt securities of the affected series;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we are not an &ldquo;insolvent person&rdquo; within the meaning of applicable bankruptcy and insolvency
legislation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other customary conditions precedent are satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Modification and Waiver</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Modifications and amendments of the indenture
may be made by us and the trustee with the consent of the holders of a majority in aggregate principal amount of the outstanding
debt securities of each series affected by the modification. However, without the consent of each holder affected, no modification
may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change the stated maturity of the principal of, premium, if any, or any installment of interest,
if any, on any debt security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the principal, premium, if any, or rate of interest, if any, or any obligation to pay any
additional amounts;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the amount of principal of a debt security payable upon acceleration of its maturity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change the place or currency of any payment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">affect the holder&rsquo;s right to require us to repurchase the debt securities at the holder&rsquo;s
option;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">impair the right of the holders to institute a suit to enforce their rights to payment;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adversely affect any conversion or exchange right related to a series of debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change the percentage of debt securities required to modify the indenture or to waive compliance
with certain provisions of the indenture; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the percentage in principal amount of outstanding debt securities necessary to take certain
actions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of a majority in principal
amount of outstanding debt securities of any series may on behalf of the holders of all debt securities of that series waive, insofar
as only that series is concerned, past defaults under the indenture and compliance by us with certain restrictive provisions of
the indenture. However, these holders may not waive a default in any payment on any debt security or compliance with a provision
that cannot be modified without the consent of each holder affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may modify the indenture without the
consent of the holders to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">evidence our successor under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">add covenants or surrender any right or power for the benefit of holders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">add events of default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provide for unregistered securities to become registered securities under the indenture and make
other such changes to unregistered securities that in each case do not materially and adversely affect the interests of holders
of outstanding securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">establish the forms of the debt securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">appoint a successor trustee under the indenture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">add provisions to permit or facilitate the defeasance or discharge of the debt securities as long
as there is no material adverse effect on the holders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cure any ambiguity, correct or supplement any defective or inconsistent provision, make any other
provisions in each case that would not materially and adversely affect the interests of holders of outstanding securities and related
coupons, if any;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">comply with any applicable laws of the United States and Canada in order to effect and maintain
the qualification of the indenture under the Trust&nbsp;Indenture Act; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">change or eliminate any provisions where such change takes effect when there are no securities
outstanding under the indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Governing Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture and the debt securities will
be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trustee under the indenture or its
affiliates may provide banking and other services to us in the ordinary course of their business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture will contain certain limitations
on the rights of the trustee, as long as it or any of its affiliates remains our creditor, to obtain payment of claims in certain
cases or to realize on certain property received on any claim as security or otherwise. The trustee and its affiliates will be
permitted to engage in other transactions with us. If the trustee or any affiliate has or acquires any conflicting interest, within
the meaning of the Trust Indenture Act, the trustee must either eliminate the conflicting interest or resign within 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Resignation of Trustee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trustee may resign or be removed with
respect to one or more series of the debt securities and a successor trustee may be appointed to act with respect to such series.
In the event that two or more persons are acting as trustee with respect to different series of debt securities, each such trustee
shall be a trustee of a trust under the indenture separate and apart from the trust administered by any other such trustee, and
any action described herein to be taken by the &ldquo;trustee&rdquo; may then be taken by each such trustee with respect to, and
only with respect to, the one or more series of debt securities for which it is trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consent to Service</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the indenture, we will
designate and appoint C T Corporation System, 28 Liberty Street, New York, New York 10005, as our authorized agent upon which process
may be served in any suit or proceeding arising out of or relating to the indenture or the debt securities that may be instituted
in any U.S. federal or New York state court located in the Borough of Manhattan, in the City of New York, or brought by the trustee
(whether in its individual capacity or in its capacity as trustee under the indenture), and will irrevocably submit to the non-exclusive
jurisdiction of such courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Enforceability of Judgments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since all or substantially all of our assets,
as well as the assets of some of our directors and officers, are outside the United States, any judgment obtained in the United
States against us or certain of our directors or officers, including judgments with respect to the payment of principal on the
debt securities, may not be collectible within the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised that the laws of the
Province of Ontario permit an action to be brought in a court of competent jurisdiction in the Province of Ontario to recognize
a judgment a court of competent jurisdiction of the State of New York. An Ontario court would give judgment based upon an <I>in
personam</I> judgment of a New York Court without reconsideration of the merits if: (a) the New York Court rendering such judgment
had jurisdiction over the judgment debtor, as recognized by the courts of the Province of Ontario (and submission by us in the
indenture to the jurisdiction of the New York Court will be sufficient for that purpose); (b) the New York judgment is final and
conclusive and for a sum certain; (c) the defendant was properly served with originating process from the New York Court; and (d)
the New York law that led to the judgment is not contrary to public policy, as that term would be applied by an Ontario Court.
The enforceability of a New York judgment in Ontario will be subject to the requirements that: (i) an action to enforce the New
York judgment must be commenced in the Ontario Court within any applicable limitation period; (ii) the Ontario Court has discretion
to stay or decline to hear an action on the New York judgment if the New York judgment is under appeal or there is another subsisting
judgment in any jurisdiction relating to the same cause of action; (iii) the Ontario Court will render judgment only in Canadian
dollars; and (iv) an action in the Ontario Court on the New York judgment may be affected by bankruptcy, insolvency or other laws
of general application limiting the enforcement of creditors&rsquo; rights generally. The enforceability of a New York judgment
in Ontario will be subject to the following defenses: (i) the New York judgment was obtained by fraud or in a manner contrary to
the principles of natural justice; (ii) the New York judgment is for a claim which under the law of Ontario would be characterized
as based on a foreign revenue, expropriatory, penal or other public law; (iii) the New York judgment is contrary to the public
policy of Ontario or to an order made by the Attorney General of Ontario under the <I>Foreign Extraterritorial Measures Act </I>(Canada)
or by the Competition Tribunal under the <I>Competition Act </I>(Canada) in respect of certain judgments referred to in these statutes;
and (iv) the New York judgment has been satisfied or is void or voidable under New York law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised that there is doubt
as to the enforceability in Canada by a court in original actions, or in actions to enforce judgments of U.S.&nbsp;courts, of civil
liabilities predicated solely upon the U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofsharepurchase"></A>DESCRIPTION
OF SHARE PURCHASE CONTRACTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may issue share purchase contracts,
representing contracts obligating holders to purchase from or sell to the Company, and obligating the Company to purchase from
or sell to the holders, a specified number of Common Shares at a future date or dates, and including by way of instalment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price per Common Share and the number
of Common Shares may be fixed at the time the share purchase contracts are issued or may be determined by reference to a specific
formula or method set forth in the share purchase contracts. The Company may issue share purchase contracts in accordance with
applicable laws and in such amounts and in as many distinct series as it may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The share purchase contracts may be issued
separately or as part of units consisting of a share purchase contract and beneficial interests in debt obligations of third parties,
securing the holders&rsquo; obligations to purchase the Common Shares under the share purchase contracts, which are referred to
in this prospectus as share purchase units. The share purchase contracts may require the Company to make periodic payments to the
holders of the share purchase units or vice versa, and these payments may be unsecured or refunded and may be paid on a current
or on a deferred basis. The share purchase contracts may require holders to secure their obligations under those contracts in a
specified manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of share purchase contracts are
not shareholders of the Company. The particular terms and provisions of share purchase contracts offered by any prospectus supplement,
and the extent to which the general terms and provisions described below may apply to them, will be described in the applicable
prospectus supplement filed in respect of such share purchase contracts. This description will include, where applicable: (i) whether
the share purchase contracts obligate the holder to purchase or sell, or both purchase and sell, Common Shares and the nature and
amount of those securities, or the method of determining those amounts&#894; (ii) whether the share purchase contracts are to be
prepaid or not or paid in instalments&#894; (iii) any conditions upon which the purchase or sale will be contingent and the consequences
if such conditions are not satisfied&#894; (iv) whether the share purchase contracts are to be settled by delivery, or by reference
or linkage to the value or performance of Common Shares&#894; (v) any acceleration, cancellation, termination or other provisions
relating to the settlement of the share purchase contracts&#894; (vi) the date or dates on which the sale or purchase must be made,
if any&#894; (vii) whether the share purchase contracts will be issued in fully registered or global form&#894; (viii) the material
U.S. and Canadian federal income tax consequences of owning the share purchase contracts&#894; and (ix) any other material terms
and conditions of the share purchase contracts including, without limitation, transferability and adjustment terms and whether
the share purchase contracts will be listed on a securities exchange or automated interdealer quotation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers of share purchase contracts
will be granted a contractual right of rescission against the Company in respect of the purchase and conversion, exchange or exercise
of such share purchase contract. The contractual right of rescission will entitle such original purchasers to receive the amount
paid on original purchase of the share purchase contract and the amount paid upon conversion, exchange or exercise, upon surrender
of the underlying securities gained thereby, in the event that this prospectus (as supplemented or amended) contains a misrepresentation,
provided that: (i) the conversion, exchange or exercise takes place within 180 days of the date of the purchase of the convertible,
exchangeable or exercisable security under this prospectus; and (ii) the right of rescission is exercised within 180 days of the
date of the purchase of the convertible, exchangeable or exercisable security under this prospectus. This contractual right of
rescission will be consistent with the statutory right of rescission described under section 130 of the <I>Securities Act</I> (Ontario),
and is in addition to any other right or remedy available to original purchasers under section 130 of the <I>Securities Act</I>
(Ontario) or otherwise at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="descriptionofwarrants"></A>DESCRIPTION
OF WARRANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: none; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: left"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section describes the general terms
that will apply to any warrants for the purchase of Common Shares, or equity warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrants may be issued independently or
together with other securities, and warrants sold with other securities may be attached to or separate from the other securities.
Warrants will be issued under one or more warrant indentures or warrant agency agreements to be entered into by the Company and
with one or more financial institutions or trust companies acting as warrant agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will deliver an undertaking
to the securities regulatory authority in each of the provinces and territories of Canada that it will not distribute warrants
that, according to the aforementioned terms as described in the applicable prospectus supplement for warrants supplementing this
prospectus, are &ldquo;novel&rdquo; specified derivatives within the meaning of Canadian securities legislation, separately to
any member of the public in Canada, unless the offering is in connection with and forms part of the consideration for an acquisition
or merger transaction or unless such prospectus supplement containing the specific terms of the warrants to be distributed separately
is first approved by or on behalf of the securities commissions or similar regulatory authorities in each of the provinces and
territories of Canada where the warrants will be distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary of some of the provisions
of the warrants is not complete. The statements made in this prospectus relating to any warrant agreement and warrants to be issued
under this prospectus are summaries of certain anticipated provisions thereof and do not purport to be complete and are subject
to, and are qualified in their entirety by reference to, all provisions of the applicable warrant agreement. You should refer to
the warrant indenture or warrant agency agreement relating to the specific warrants being offered for the complete terms of the
warrants. A copy of any warrant indenture or warrant agency agreement relating to an offering or warrants will be filed by the
Company with the securities commissions or similar regulatory authorities in applicable Canadian offering jurisdictions and in
the United States, after it has been entered into, and will be available electronically on SEDAR at www.sedar.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement relating
to any warrants that we offer will describe the particular terms of those warrants and include specific terms relating to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original purchasers of warrants (if offered
separately) will have a contractual right of rescission against the Company in respect of the exercise of such warrant. The contractual
right of rescission will entitle such original purchasers to receive, upon surrender of the underlying securities acquired upon
exercise of the warrant, the total of the amount paid on original purchase of the warrant and the amount paid upon exercise, in
the event that this prospectus (as supplemented or amended) contains a misrepresentation, provided that: (i) the exercise takes
place within 180 days of the date of the purchase of the warrant under the applicable prospectus supplement; and (ii) the right
of rescission is exercised within 180 days of the date of purchase of the warrant under the applicable prospectus supplement. This
contractual right of rescission will be consistent with the statutory right of rescission described under section 130 of the <I>Securities
Act</I> (Ontario), and is in addition to any other right or remedy available to original purchasers under section 130 of the <I>Securities
Act</I> (Ontario) or otherwise at law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In an offering of warrants, or other
convertible securities, original purchasers are cautioned that the statutory right of action for damages for a misrepresentation
contained in the prospectus is limited, in certain provincial and territorial securities legislation, to the price at which the
warrants, or other convertible securities, are offered to the public under the prospectus offering. This means that, under the
securities legislation of certain provinces and territories, if the purchaser pays additional amounts upon conversion, exchange
or exercise of such securities, those amounts may not be recoverable under the statutory right of action for damages that applies
in those provinces or territories. The purchaser should refer to any applicable provisions of the securities legislation of the
purchaser&rsquo;s province or territory for the particulars of these rights, or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Equity Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of equity
warrants will be described in the applicable prospectus supplement. This description will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of equity warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the equity warrants will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies in which the equity warrants will be offered;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the equity warrants will commence and the date on which
the right will expire;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares that may be purchased upon exercise of each equity warrant and the
price at which and currency or currencies in which the Common Shares may be purchased upon exercise of each equity warrant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms of any provisions allowing or providing for adjustments in (i) the number and/or class
of Common Shares that may be purchased, (ii) the exercise price per Common Share or (iii) the expiry of the equity warrants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company will issue fractional shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Company has applied to list the equity warrants or the underlying shares on a securities
exchange or automated interdealer quotation system;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any securities with which the equity warrants will be offered, if
any, and the number of the equity warrants that will be offered with each security;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the equity warrants and the related securities will
be transferable separately;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the equity warrants will be subject to redemption or call and, if so, the terms of such
redemption or call provisions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">material U.S. and Canadian federal income tax consequences of owning the equity warrants; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms or conditions of the equity warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the exercise of their warrants,
holders of warrants will not have any of the rights of holders of the securities subject to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing summary of certain of the
principal provisions of the securities is a summary of anticipated terms and conditions only and is qualified in its entirety by
the description in the applicable prospectus supplement under which any securities are being offered,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="certainincometaxconsiderations"></A>CERTAIN
INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement may
describe certain Canadian federal income tax consequences to an investor who is a resident of Canada or to an investor who is a
non-resident of Canada of acquiring, owning and disposing of any of our securities offered thereunder. The applicable prospectus
supplement may also describe certain U.S. federal income tax consequences of the acquisition, ownership and disposition of any
of our securities offered thereunder by an initial investor who is a U.S. person (within the meaning of the U.S. Internal Revenue
Code of 1986 (the &ldquo;<B>Code</B>&rdquo;)), in addition to those U.S. federal income tax considerations described below under
the heading &ldquo;<I>Material United States Federal Income Tax Considerations for U.S. Holders</I>&rdquo;. Investors should read
the tax discussion in any prospectus supplement with respect to a particular offering and consult their own tax advisors with respect
to their own particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="materialunitedstatesfederalincome"></A>material
united states federal income tax considerations for u.s. holders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the limitations and qualifications
stated herein, this discussion sets forth material U.S. federal income tax considerations relating to the acquisition, ownership
and disposition by U.S. Holders (as hereinafter defined) of the Common Shares. The discussion is based on the Code, its legislative
history, existing and proposed regulations thereunder, published rulings and court decisions, and the Canada-United States Income
Tax Convention (1980) as amended (the &ldquo;<B>Treaty</B>&rdquo;), all as currently in effect and all subject to change at any
time, possibly with retroactive effect. This summary applies only to U.S. Holders. This discussion of a U.S. Holder&rsquo;s tax
consequences addresses only those persons that acquire Common Shares pursuant to a prospectus supplement and that hold those Common
Shares as capital assets (generally, property held for investment). In addition, it does not describe all of the tax consequences
that may be relevant in light of a U.S. Holder&rsquo;s particular circumstances, including state and local tax consequences, estate
and gift tax consequences, alternative minimum tax consequences, and tax consequences applicable to U.S. Holders subject to special
rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">banks, insurance companies, and certain other financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S. expatriates and certain former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">dealers or traders in securities who use a mark-to-market method of tax accounting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding Common Shares as part of a hedging transaction, &ldquo;straddle,&rdquo; wash sale,
conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons whose &ldquo;functional currency&rdquo; for U.S. federal income tax purposes is not the
U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">brokers, dealers or traders in securities, commodities or currencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt entities or government organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">S corporations, partnerships, or other entities or arrangements classified as partnerships for
U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulated investment companies or real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who acquired our Common Shares pursuant to the exercise of any employee stock option or
otherwise as compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons required to accelerate the recognition of any item of gross income with respect to our
Common Shares as a result of such income being recognized on an applicable financial statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons holding our Common Shares in connection with a trade or business, permanent establishment,
or fixed base outside the United States; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who own (directly or through attribution) 10% or more (by vote or value) of our outstanding
Common Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an entity that is classified as a partnership
for U.S. federal income tax purposes holds Common Shares, the U.S. federal income tax treatment of a partner will generally depend
on the status of the partner and the activities of the partnership. Partnerships holding Common Shares and partners in such partnerships
are encouraged to consult their tax advisers as to the particular U.S. federal income tax consequences of holding and disposing
of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A &ldquo;U.S. Holder&rdquo; is a holder
who, for U.S. federal income tax purposes, is a beneficial owner of Common Shares and is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation, or other entity taxable as a corporation, created or organized in or under the laws
of the United States, any state therein or the District of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate the income of which is subject to U.S. federal income taxation regardless of its source;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust if (1) a U.S. court is able to exercise primary supervision over the administration of
the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or (2) the trust has a
valid election in effect to be treated as a U.S. person under applicable U.S. Treasury Regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PERSONS CONSIDERING AN INVESTMENT IN COMMON
SHARES SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES APPLICABLE TO THEM RELATING TO THE ACQUISITION,
OWNERSHIP AND DISPOSITION OF THE COMMON SHARES, INCLUDING THE APPLICABILITY OF U.S. FEDERAL, STATE AND LOCAL TAX LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Passive Foreign Investment Company Rules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are classified as a PFIC in any taxable
year, a U.S. Holder will be subject to special rules generally intended to reduce or eliminate any benefits from the deferral of
U.S. federal income tax that a U.S. Holder could derive from investing in a non-U.S. company that does not distribute all of its
earnings on a current basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation will be classified
as a PFIC for any taxable year in which, after applying certain look-through rules, either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 75% of its gross income is passive income (such as interest income); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at least 50% of its gross assets (determined on the basis of a quarterly average) is attributable
to assets that produce passive income or are held for the production of passive income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be treated as owning our proportionate
share of the assets and earning our proportionate share of the income of any other corporation, the equity of which we own, directly
or indirectly, 25% or more (by value).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of PFIC status is inherently
factual, is subject to a number of uncertainties, and can be determined only annually at the close of the tax year in question.
Additionally, the analysis depends, in part, on the application of complex U.S. federal income tax rules, which are subject to
differing interpretations. <B>There can be no assurance that the Company will or will not be determined to be a PFIC for the current
tax year or any prior or future tax year, and no opinion of legal counsel or ruling from the IRS concerning the status of the Company
as a PFIC has been obtained or will be requested. U.S. Holders should consult their own U.S. tax advisors regarding the PFIC status
of the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are classified as a PFIC in any year
with respect to which a U.S. Holder owns the Common Shares, we will continue to be treated as a PFIC with respect to such U.S.
Holder in all succeeding years during which the U.S. Holder owns the Common Shares, regardless of whether we continue to meet the
tests described above unless (i) we cease to be a PFIC and the U.S. Holder has made a &ldquo;deemed sale&rdquo; election under
the PFIC rules, or (ii) the U.S. Holder makes a Qualified Electing Fund Election (a &ldquo;<B>QEF Election</B>&rdquo;), with respect
to all taxable years during such U.S. Holders holding period in which we are a PFIC. If the &ldquo;deemed sale&rdquo; election
is made, a U.S. Holder will be deemed to have sold the Common Shares the U.S. Holder holds at their fair market value and any gain
from such deemed sale would be subject to the rules described below. After the deemed sale election, so long as we do not become
a PFIC in a subsequent taxable year, the U.S. Holder&rsquo;s Common Shares with respect to which such election was made will not
be treated as shares in a PFIC and the U.S. Holder will not be subject to the rules described below with respect to any &ldquo;excess
distribution&rdquo; the U.S. Holder receives from us or any gain from an actual sale or other disposition of the Common Shares.
U.S. Holders should consult their tax advisors as to the possibility and consequences of making a deemed sale election if we cease
to be a PFIC and such election becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For each taxable year we are treated as
a PFIC with respect to U.S. Holders, U.S. Holders will be subject to special tax rules with respect to any &ldquo;excess distribution&rdquo;
such U.S. Holder receives and any gain such U.S. Holder recognizes from a sale or other disposition (including, under certain circumstances,
a pledge) of Common Shares, unless (i) such U.S. Holder makes a QEF Election or (ii) our Common Shares constitute &ldquo;marketable&rdquo;
securities, and such U.S. Holder makes a mark-to-market election as discussed below. Absent the making of a QEF Election or a mark-to-market
election, distributions a U.S. Holder receives in a taxable year that are greater than 125% of the average annual distributions
a U.S. Holder received during the shorter of the three preceding taxable years or the U.S. Holder&rsquo;s holding period for the
Common Shares will be treated as an excess distribution. Under these special tax rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the excess distribution or gain will be allocated ratably over a U.S. Holder&rsquo;s holding period
for the Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to the current taxable year, and any taxable year prior to the first taxable
year in which we became a PFIC, will be treated as ordinary income; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to each other year will be subject to the highest tax rate in effect for that
year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to
each such year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax liability for amounts allocated
to years prior to the year of disposition or &ldquo;excess distribution&rdquo; cannot be offset by any net operating losses for
such years, and gains (but not losses) realized on the sale of the Common Shares cannot be treated as capital, even if a U.S. Holder
holds the Common Shares as capital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if we are a PFIC, a U.S. Holder
will generally be subject to similar rules with respect to distributions we receive from, and our dispositions of the stock of,
any of our direct or indirect subsidiaries that also are PFICs, as if such distributions were indirectly received by, and/or dispositions
were indirectly carried out by, such U.S. Holder. U.S. Holders should consult their tax advisors regarding the application of the
PFIC rules to our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a U.S. Holder makes an effective QEF
Election, the U.S. Holder will be required to include in gross income each year, whether or not we make distributions, as capital
gains, such U.S. Holder&rsquo;s pro rata share of our net capital gains and, as ordinary income, such U.S. Holder&rsquo;s pro rata
share of our earnings in excess of our net capital gains. Currently, we do not expect that we would provide the information necessary
for U.S. Holders to make a QEF Election if we determine that we are a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders also can avoid the interest
charge on excess distributions or gain relating to the Common Shares by making a mark-to-market election with respect to the Common
Shares, provided that the Common Shares are &ldquo;marketable.&rdquo; Common shares will be marketable if they are &ldquo;regularly
traded&rdquo; on certain U.S. stock exchanges or on a foreign stock exchange that meets certain conditions. For these purposes,
the Common Shares will be considered regularly traded during any calendar year during which they are traded, other than in de minimis
quantities, on at least 15 days during each calendar quarter. Any trades that have as their principal purpose meeting this requirement
will be disregarded. Our Common Shares are listed on the NYSE American, which is a qualified exchange for these purposes. Consequently,
if our Common Shares remain listed on the NYSE American and are regularly traded, and you are a holder of Common Shares, we expect
the mark-to-market election would be available to U.S. Holders if we are a PFIC. Each U.S. Holder should consult its own tax advisor
as to the whether a mark-to-market election is available or advisable with respect to the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that makes a mark-to-market
election must include in ordinary income for each year an amount equal to the excess, if any, of the fair market value of the Common
Shares at the close of the taxable year over the U.S. Holder&rsquo;s adjusted tax basis in the Common Shares. An electing holder
may also claim an ordinary loss deduction for the excess, if any, of the U.S. Holder&rsquo;s adjusted basis in the Common Shares
over the fair market value of the Common Shares at the close of the taxable year, but this deduction is allowable only to the extent
of any net mark-to-market gains for prior years. Gains from an actual sale or other disposition of the Common Shares will be treated
as ordinary income, and any losses incurred on a sale or other disposition of the shares will be treated as an ordinary loss to
the extent of any net mark-to-market gains for prior years. Once made, the election cannot be revoked without the consent of the
Internal Revenue Service (&ldquo;<B>IRS</B>&rdquo;), unless the Common Shares cease to be marketable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, a mark-to-market election generally
cannot be made for equity interests in any lower-tier PFICs that we own, unless shares of such lower-tier PFIC are themselves &ldquo;marketable.&rdquo;
As a result, even if a U.S. Holder validly makes a mark-to-market election with respect to our Common Shares, the U.S. Holder may
continue to be subject to the PFIC rules (described above) with respect to its indirect interest in any of our investments that
are treated as an equity interest in a PFIC for U.S. federal income tax purposes. U.S. Holders should consult their tax advisors
to determine whether any of these elections would be available and if so, what the consequences of the alternative treatments would
be in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise provided by the United
States Treasury Department, or the &ldquo;U.S. Treasury&rdquo;, each U.S. shareholder of a PFIC is required to file an annual report
containing such information as the U.S. Treasury may require. A U.S. Holder&rsquo;s failure to file the annual report will cause
the statute of limitations for such U.S. Holder&rsquo;s U.S. federal income tax return to remain open with regard to the items
required to be included in such report until three years after the U.S. Holder files the annual report, and, unless such failure
is due to reasonable cause and not willful neglect, the statute of limitations for the U.S. Holder&rsquo;s entire U.S. federal
income tax return will remain open during such period. U.S. Holders should consult their tax advisors regarding the requirements
of filing such information returns under these rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WE STRONGLY URGE YOU TO CONSULT YOUR TAX
ADVISOR REGARDING THE IMPACT OF OUR PFIC STATUS ON YOUR INVESTMENT IN THE COMMON SHARES AS WELL AS THE APPLICATION OF THE PFIC
RULES TO YOUR INVESTMENT IN THE COMMON SHARES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Dividends and Other Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, to the extent there are any distributions made with respect
to the Common Shares, a U.S. Holder generally will be required to include in its gross income distributions received with respect
to its Common Shares (including the amount of Canadian taxes withheld, if any) as dividend income, but only to the extent that
the distribution is paid out of our current or accumulated earnings and profits (computed using U.S. federal income tax principles),
with the excess treated first as a non-taxable return of capital to the extent of the holder&rsquo;s adjusted tax basis in its
Common Shares and, thereafter, as capital gain recognized on a sale or exchange on the day actually or constructively received
by the holder (as described below under the heading &ldquo;<I>Sale or Disposition of Common Shares</I>&rdquo;). There can be no
assurance that we will maintain calculations of our earnings and profits in accordance with U.S. federal income tax accounting
principles. U.S. Holders should therefore assume that any distribution with respect to the Common Shares will constitute ordinary
dividend income. Dividends paid on the Common Shares will not be eligible for the dividends received deduction allowed to U.S.
corporations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends paid to a non-corporate U.S.
Holder by a &ldquo;qualified foreign corporation&rdquo; may be subject to reduced rates of taxation if certain holding period and
other requirements are met. A qualified foreign corporation generally includes a foreign corporation if (i) its Common Shares are
readily tradable on an established securities market in the United States or it is eligible for benefits under a comprehensive
U.S. income tax treaty that includes an exchange of information program and which the U.S. Treasury has determined is satisfactory
for these purposes and (ii) if such foreign corporation is not a PFIC (as discussed above) for either the taxable year in which
the dividend is paid or the preceding taxable year. The Common Shares are readily tradable on an established securities market,
the NYSE American. We may also be eligible for the benefits of the Treaty. Accordingly, subject to the PFIC rules discussed above,
we expect that a non-corporate U.S. Holder should qualify for the reduced rate on dividends so long as the applicable holding period
requirements are met. U.S. Holders should consult their own tax advisors regarding the availability of the reduced tax rate on
dividends in light of their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions paid in a currency other
than U.S. dollars will be included in a U.S. Holder&rsquo;s gross income in a U.S. dollar amount based on the spot exchange rate
in effect on the date of actual or constructive receipt, whether or not the payment is converted into U.S. dollars at that time.
The U.S. Holder will have a tax basis in such currency equal to such U.S. dollar amount, and any gain or loss recognized upon a
subsequent sale or conversion of the foreign currency for a different U.S. dollar amount will generally be U.S. source ordinary
income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the dividend is converted into U.S.
dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect
of the dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a U.S. Holder is subject to Canadian
withholding taxes (at the rate applicable to such U.S. Holder) with respect to dividends paid on the Common Shares, such U.S. Holder
may be entitled to receive either a deduction or a foreign tax credit for such Canadian taxes paid. Complex limitations apply to
the foreign tax credit. Dividends paid by us generally will constitute &ldquo;foreign source&rdquo; income and generally will be
categorized as &ldquo;passive category income.&rdquo; Because the foreign tax credit rules are complex, each U.S. Holder should
consult its own tax advisor regarding the foreign tax credit rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sale or Disposition of Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder generally will recognize
gain or loss on the taxable sale or exchange of the Common Shares in an amount equal to the difference between the U.S. dollar
amount realized on such sale or exchange (determined in the case of the Common Shares sold or exchanged for currencies other than
U.S. dollars by reference to the spot exchange rate in effect on the date of the sale or exchange or, if the Common Shares sold
or exchanged are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual
basis taxpayer, which election must be applied consistently from year to year and cannot be changed without the consent of the
IRS, the spot exchange rate in effect on the settlement date) and the U.S. Holder&rsquo;s adjusted tax basis in the Common Shares
determined in U.S. dollars. The initial tax basis of the Common Shares to a U.S. Holder will be the U.S. Holder&rsquo;s U.S. dollar
purchase price for the Common Shares (determined by reference to the spot exchange rate in effect on the date of the purchase,
or if the Common Shares purchased are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or
an electing accrual basis taxpayer, which election must be applied consistently from year to year and cannot be changed without
the consent of the IRS, the spot exchange rate in effect on the settlement date). An accrual basis U.S. Holder that does not make
the special election will recognize exchange gain or loss to the extent attributable to the difference between the exchange rates
on the sale date and the settlement date, and such exchange gain or loss generally will constitute ordinary income or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussion under the heading
 &ldquo;<I>Passive Foreign Investment Company Rules</I>&rdquo; above, such gain or loss will be capital gain or loss and will be
long-term gain or loss if the Common Shares have been held for more than one year, subject to the PFIC rules discussed below. Under
current law, long-term capital gains of non-corporate U.S. Holders generally are eligible for reduced rates of taxation. The deductibility
of capital losses is subject to limitations. Capital gain or loss, if any, recognized by a U.S. Holder generally will be treated
as U.S. source income or loss for U.S. foreign tax credit purposes. U.S. Holders are encouraged to consult their own tax advisors
regarding the availability of the U.S. foreign tax credit in their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Medicare Contribution Tax</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders that are individuals,
estates or certain trusts must pay a 3.8% tax, or &ldquo;Medicare contribution tax&rdquo;, on their &ldquo;net investment income.&rdquo;
Net investment income generally includes, among other things, dividend income and net gains from the disposition of stock. A U.S.
Holder that is an individual, estate or trust should consult its own tax advisor regarding the applicability of the Medicare contribution
tax to its income and gains in respect of its investment in our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Reporting and Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of dividends and sales proceeds
that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information
reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii)
in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not
subject to backup withholding on a duly executed IRS Form W-9 or otherwise establishes an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional
tax. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&rsquo;s
U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that the required information is timely
furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Reporting Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders paying more than $100,000
for our Common Shares generally may be required to file IRS Form 926 reporting the payment of the offer price for our Common Shares
to us. Substantial penalties may be imposed upon a U.S. Holder that fails to comply. Each U.S. Holder should consult its own tax
advisor as to the possible obligation to file IRS Form 926.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information with Respect to Foreign
Financial Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders who are individuals
(and, under regulations, certain entities) may be required to report information relating to the Common Shares, subject to certain
exceptions (including an exception for Common Shares held in accounts maintained by certain U.S. financial institutions), by filing
IRS Form 8938 (Statement of Specified Foreign Financial Assets) with their federal income tax return. Such U.S. Holders who fail
to timely furnish the required information may be subject to a penalty. Additionally, if a U.S. Holder does not file the required
information, the statute of limitations with respect to tax returns of the U.S. Holder to which the information relates may not
close until three years after such information is filed. U.S. Holders should consult their tax advisers regarding their reporting
obligations with respect to their ownership and disposition of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="planofdistribution"></A>PLAN OF
DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may sell securities offered
by this prospectus for cash or other consideration (i) to or through underwriters, dealers, placement agents or other intermediaries,
(ii) directly to one or more purchasers or (iii) in connection with acquisitions of assets or shares or another entity or company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each prospectus supplement with respect
to our securities being offered will set forth the terms of the offering, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the person offering the securities (the Company);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the name or names of any underwriters, dealers or other placement agents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number and the purchase price of, and form of consideration for, the securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the proceeds to the Company from such sale; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any commissions, fees, discounts and other items constituting underwriters&rsquo;, dealers&rsquo;
or agents&rsquo; compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agents, underwriters or dealers may make
sales of our securities in privately negotiated transaction and/or any other method permitted by law and our securities may be
sold, from time to time, in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing
at the time of sale, at prices related to such prevailing market price or at negotiated prices, including sales in transactions
that are deemed to be &ldquo;at the market distributions&rdquo; as defined in National Instrument 44-102 - <I>Shelf Distributions</I>,
including sales made directly on the TSX, NYSE American or other existing trading markets for the securities. The prices at which
the securities may be offered may vary as between purchasers and during the period of distribution. If, in connection with the
offering of securities at a fixed price or prices, the underwriters have made a <I>bona fide</I> effort to sell all of the securities
at the initial offering price fixed in the applicable prospectus supplement, the public offering price may be decreased and thereafter
further changed, from time to time, to an amount not greater than the initial offering price fixed in such prospectus supplement,
in which case the compensation realized by the underwriters will be decreased by the amount that the aggregate price paid by purchasers
for the securities is less than the gross proceeds paid by the underwriters to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the Company determines
to pursue an &ldquo;at-the-market&rdquo; offering in Canada, the Company will apply for the required exemptive relief from the
applicable Canadian securities commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Only underwriters named in the prospectus
supplement are deemed to be underwriters in connection with our securities offered by that prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may agree to pay the underwriters
or agents a commission for various services relating to the issue and sale of any securities offered hereby. Where the Company
pays such commission, it will be paid out of the general corporate funds of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under agreements which may be entered into
by us, underwriters, dealers and agents who participate in the distribution of our securities may be entitled to indemnification
by us against certain liabilities, including liabilities under the U.S. Securities Act and applicable Canadian securities legislation,
or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof.
The underwriters, dealers and agents with whom we enter into agreements may be customers of, engage in transactions with, or perform
services for, us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No underwriter or dealer involved in an
 &ldquo;at the market distribution&rdquo; as defined under applicable Canadian securities legislation, no affiliate of such underwriter
or dealer and no person acting jointly or in concert with such underwriter or dealer has over-allotted, or will over allot, our
securities in connection with an &ldquo;at the market distribution&rdquo; or effect any other transactions that are intended to
stabilize the market price of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of
our securities, other than an &ldquo;at the market distribution&rdquo;, the underwriters may over-allot or effect transactions
which stabilize or maintain the market price of our securities offered at a level above that which might otherwise prevail in
the open market. Such transactions, if commenced, may be discontinued at any time. A purchaser who acquires securities forming
part of the underwriters&rsquo; over-allocation position acquires those securities under this short form prospectus, regardless
of whether the over-allocation position is ultimately filled through the exercise of the over-allotment option or secondary market
purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="agentforserviceofprocess"></A>AGENT FOR
SERVICE OF PROCESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jun Gon Kim, a director of the Company,
resides outside of Canada and has appointed the following agent for service of process in Canada:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 20%; text-align: center; padding-left: 5.4pt">Name of Person</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 2%; padding-bottom: 1pt; vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 78%; text-align: center; padding-left: 5.4pt">Name and Address of Agent</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left; padding-left: 0in">Jun Gon Kim, Director</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; padding-left: 5.4pt">Blakes Vancouver Services Inc. <BR>Suite 2600 &ndash; 595 Burrard Street, Vancouver, British Columbia, V7X 1L3, Canada</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purchasers are advised that it may not
be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued
or otherwise organized under the laws of a foreign jurisdiction or that resides outside of Canada, even if the party has appointed
an agent for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="legalmatters"></A>LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters related to our securities
offered by this prospectus will be passed upon on our behalf by Blake, Cassels &amp; Graydon LLP, with respect to matters of Canadian
law, and Troutman Sanders LLP, with respect to matters of U.S. law. As of the date of this prospectus, the partners and associates
of Blake, Cassels &amp; Graydon LLP beneficially own, directly or indirectly, less than one percent of our outstanding Common Shares,
and the partners and associates of Troutman Sanders LLP beneficially own, directly or indirectly, less than one percent of our
outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><A NAME="auditortransferagent"></A>AUDITOR,
TRANSFER AGENT AND REGISTRAR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Independent Registered
Public Accounting Firm is PricewaterhouseCoopers LLP, Chartered Professional Accountants, located at 18 York Street, Suite 2600,
Toronto, Ontario, Canada, M5J 0B2. PricewaterhouseCoopers LLP is independent with respect to the Company within the meaning of
Chartered Professional Accountants of Ontario CPA Code of Professional Conduct. PricewaterhouseCoopers LLP is an Independent Registered
Accounting Firm in accordance with the securities acts administered by the SEC and the applicable rules and regulations thereunder
and the requirements of the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s transfer agent and
registrar is Computershare Investor Services Inc. at its principal offices in Toronto, Ontario and Vancouver, British Columbia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="interestofexperts"></A>INTEREST
OF EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal author of the technical report
entitled &ldquo;Prefeasibility Study Report for the Wheeler River Uranium Project, Saskatchewan, Canada&rdquo; dated October 30,
2018 was Mark Liskowich, P.Geo. of SRK Consulting (Canada) Inc. (&ldquo;<B>SRK</B>&rdquo;), who is independent in accordance with
the requirements of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The technical report entitled &ldquo;Technical
Report with an Updated Mineral Resource Estimate for the Waterbury Lake Property, Northern Saskatchewan&rdquo; dated December 21,
2018 was authored by Serdar Donmez, P.Geo.,E.I.T., Dale Verran, Pr.Sci.Nat., P.Geo., and Paul Burry, P.Geo. of Denison, Oy Leuangthong,
P.Eng, and Cliff Revering, P.Eng, of SRK, Allan Armitage, P.Geo, of SGS Geostat and Alan Sexton, P.Geo, of GeoVector Management
Inc. (&ldquo;<B>GeoVector</B>&rdquo;). Each of Messrs. Leuangthong, Revering, Armitaage and Sexton, and their respective firms,
are independent in accordance with the requirements of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Roscoe Postle Associates Inc. (&ldquo;<B>RPA</B>&rdquo;),
which was retained to independently review and audit the mineral reserves and mineral resources in accordance with the requirements
of NI 43-101, prepared the following technical reports: (a) the technical report entitled &ldquo;Technical Report on the Denison
Mines Inc. Uranium Properties, Saskatchewan, Canada&rdquo; dated November 21, 2005, as revised February 16, 2006 by Richard E.
Routledge, M.Sc., P.Geo. and James W. Hendry, P.Eng.; (b) the technical report entitled &ldquo;Technical Report on the Mineral
Resource Estimate for the McClean North Uranium Deposits, Saskatchewan&rdquo; dated January 31, 2007 by Richard E. Routledge, M.Sc.,
P.Geo.; and (c) the technical report entitled &ldquo;Technical Report on the Sue D Uranium Deposit Mineral Resource Estimate, Saskatchewan,
Canada&rdquo; dated March 31, 2006 by Richard E Routledge, M.Sc., P.Geo. and James W. Hendry, P.Eng.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The technical report entitled &ldquo;Technical
Report with an Updated Mineral Resource Estimate for the Midwest Property, Northern Saskatchewan, Canada&rdquo; dated March 26,
2018 was authored by Dale Verran, MSc, Pr.Sci.Nat. and Chad Sorba, P.Geo, of the Company and G. David Keller, PGeo, formerly of
SRK, and Oy Leuangthong, PEng, of SRK. Each of Messrs. Keller and Leuangthong and SRK are independent in accordance with the requirements
of NI 43-101.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the knowledge of Denison as of the date
hereof, each of RPA, GeoVector, SGS Geostat, and SRK and each of their respective partners, employees and consultants who participated
in the preparation of the aforementioned reports, or who were in a position to influence the outcome of such reports, are the registered
or beneficial owner, directly or indirectly, of less than one percent of the outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="whereyoucanfindmoreinfo"></A>WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to file with the securities
commission or authority in each of the applicable provinces and territories of Canada annual and quarterly reports, material change
reports and other information. In addition, we are subject to the informational requirements of the U.S. Exchange Act, and, in
accordance with the U.S. Exchange Act, we also file reports with, and furnish other information to, the SEC. Under a multijurisdictional
disclosure system adopted by the United States and Canada, these reports and other information (including financial information)
may be prepared in accordance with the disclosure requirements of Canada, which differ in certain respects from those in the United
States. As a foreign private issuer, we are exempt from the rules under the U.S. Exchange Act prescribing the furnishing and content
of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section 16 of the U.S. Exchange Act. In addition, we are not required to publish financial statements
as promptly as U.S. companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 80 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&#8239;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s reports and other information
filed or furnished with or to the SEC are available from the SEC&rsquo;s Electronic Document Gathering and Retrieval System, or
EDGAR, at www.sec.gov, as well as from commercial document retrieval services. The Company&rsquo;s Canadian filings are available
on the System for Electronic Document Analysis and Retrieval, or SEDAR, at www.sedar.com. Unless specifically incorporated by reference
herein, documents filed or furnished by the Company on SEDAR or EDGAR are neither incorporated in nor part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="enforoce"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a company incorporated under the
OBCA. Some of our directors and officers, and the experts named in this prospectus, are residents of Canada or otherwise reside
outside the United States, and all or a substantial portion of their assets may be, and a substantial portion of the Company&rsquo;s
assets are, located outside the United States. We have appointed an agent for service of process in the United States (as set forth
below), but it may be difficult for holders of securities who reside in the United States to effect service within the United States
upon those directors, officers and experts who are not residents of the United States. It may also be difficult for holders of
securities who reside in the United States to realize in the United States upon judgments of courts of the United States predicated
upon our civil liability and the civil liability of our directors, officers and experts under the United States federal securities
laws. We have been advised that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities
laws or the securities or &ldquo;blue sky&rdquo; laws of any state within the United States, would likely be enforceable in Canada
if the United States court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized
by a Canadian court for the same purposes. We have also been advised, however, that there is substantial doubt whether an action
could be brought in Canada in the first instance on the basis of the liability predicated solely upon U.S. federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC, concurrently
with our registration statement on Form F-10 of which this prospectus is a part, an appointment of agent for service of process
on Form F-X. Under the Form F-X, we appointed C T Corporation System, 28 Liberty Street, New York, New York 10005<B>,</B> as our
agent for service of process in the United States in connection with any investigation or administrative proceeding conducted by
the SEC, and any civil suit or action brought against or involving us in a U.S. court arising out of or related to or concerning
the offering of securities under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="statutory"></A>STATUTORY
RIGHTS OF WITHDRAWAL AND RESCISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities legislation in certain of
the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities.
This right may be exercised within two business days after receipt or deemed receipt of a prospectus or a prospectus supplement
relating to the securities purchased by a purchaser and any amendments thereto. In several of the provinces and territories, the
securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price
or damages if this prospectus or a prospectus supplement relating to the securities purchased by a purchaser and any amendments
thereto contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revision
of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser&rsquo;s
province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s
province or territory for the particulars of these rights or consult with a legal advisor. Rights and remedies may also be available
to purchasers under U.S. law; purchasers may wish to consult with a U.S. lawyer for particulars of these rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In an offering of warrants, or other convertible, exchangeable
or exercisable securities, investors are cautioned that the statutory right of action for damages for a misrepresentation contained
in the prospectus is limited, in certain provincial and territorial securities legislation, to the price at which the warrants
for other convertible securities, are offered to the public under the prospectus offering. This means that, under the securities
legislation of certain provinces and territories, if the purchaser pays additional amounts upon conversion, exchange or exercise
of such securities, those amounts may not be recoverable under the statutory right of action for damages, that applies in those
provinces and territories. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s
province or territory for the particulars of these rights, or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
